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Mortgage Rates Exceed 7% for First Time in Over a Year
09/25/2026 · Minnesota edition
Why it matters locally: Higher mortgage rates will affect housing affordability for Minnesotans and may slow the state's real estate market, potentially impacting construction and related industries.
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.
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