Mortgage rates increase to 7.03%

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Mortgage rates increased this week for the first time in a month, returning above 7% as the home affordability crisis continues to hurt demand in the housing market.

Freddie Mac’s latest Primary Mortgage Market Survey, released Thursday, showed that the average rate on the benchmark 30-year fixed mortgage rose to 7.03% this week from 6.94% last week. The average rate on a 30-year loan was 6.79% a year ago.

The average rate on the 15-year fixed mortgage also climbed to 6.36% from 6.24% last week. One year ago, the rate on the 15-year fixed note averaged 6.18%.

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