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

Why it matters locally: Higher mortgage rates directly impact the affordability of housing across Mississippi, affecting potential homebuyers and the state's real estate market. This can also influence decisions for economic development as businesses consider relocation or expansion.

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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.