Mortgage Rates Exceed 7% for First Time in Over a Year

Why it matters locally: Rising mortgage rates will directly impact potential homebuyers across South Carolina, increasing the cost of purchasing property and potentially cooling the state's real estate market. Existing homeowners looking to refinance will also face higher costs.

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Average rates for a 30-year fixed mortgage have exceeded 7%. This marks the first time rates have reached this level in over a year. Analysts observed that rates climbed more than a full percentage point since mid-April.