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Highest Mortgage Rates in 3 Years Chills the Housing Market
The recent rise in the average 30-year fixed-rate mortgage to 7.4% marks the highest level in three years, creating additional hurdles for potential homebuyers in the US. This increase is likely to exacerbate existing inflationary pressures, making it harder for the Federal Reserve to pivot towards interest rate cuts. The implications of this trend are significant, as sticky inflation expectations could sustain the strength of the USD in the near term amidst calls for improved economic performance.