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Mortgage Rates Are Surging At Their Fastest Pace On Record—Here’s What That Could Mean

August 17, 2023
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Mortgage rates just touched their highest level since 2001, coinciding with still persistent fears about a recession and rising at a pace not seen since a 1980s downturn eerily similar to today.

Key Facts

American homebuyers now face an average 30-year fixed mortgage rate of 7.09%, according to borrowing data released by federal mortgage servicer Freddie Mac.

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