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

Why it matters locally: Higher mortgage rates will directly impact potential homebuyers across West Virginia, potentially affecting affordability and housing market activity, especially given the state's median household income levels. This could make homeownership less accessible for many residents.

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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.