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Mortgage rates increase as housing affordability declines

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After falling for two consecutive weeks, mortgage rates in the United States are now rising as the cost of homeownership continues to drive potential purchasers out of the housing market.
Some prospective purchasers are canceling transactions as a result of this.
The 30-year fixed-rate mortgage’s current average rate is 5.51 percent, according to Freddie Mac’s most recent Primary Mortgage Market Survey, which was issued on Thursday.
The average purchase loan size has decreased from its record high of $460,000 in March, according to statistics from the Mortgage Bankers Association, to $415,000 for the week ending July 8.
According to a Redfin research, the number of home purchase agreements that fell through last month was over 60,000, the largest number since the pandemic began.