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Mortgage Rates Exceed 7% for First Time in Over a Year
09/25/2026 · Michigan edition
Why it matters locally: Higher mortgage rates can impact the affordability of housing across Michigan, affecting potential homebuyers and the state's real estate market. This trend could also influence construction activity and associated industries within the state.
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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