Mortgage rates are approaching 4%, making housing affordability more difficult

Mortgage rates hit their highest level in nearly three years, further weighing on affordability in a market where prices have risen sharply.

The average rate on a 30-year fixed-rate loan was 3.92% for the week ended Thursday, according to mortgage finance giant Freddie Mac, down from 3.69% a week earlier. This is the highest level since May 2019.


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