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

Why it matters locally: The rise in mortgage rates is expected to impact the affordability of homeownership across Louisiana, potentially affecting the housing market for new buyers and 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.