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The interest rate surge comes on the heels of Moody’s decision to downgrade U.S. credit, further complicating the landscape for homebuyers already struggling with affordability issues.
Mortgage rates have surged past the 7% mark once again, adding fresh pressure to an already challenging housing market. The spike follows Moody’s recent downgrade of the U.S. credit rating, which cited growing concerns over the federal government’s rising debt burden, as reported by CNBC and Bloomberg. According to Mortgage News Daily, the average 30-year fixed mortgage rate jumped above 7%
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