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

Why it matters locally: Higher mortgage rates can significantly impact the housing market in District of Columbia, potentially making homeownership less accessible and increasing monthly housing costs for new buyers or those looking to refinance.

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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.