As Fed Raises Interest Rates, Highest Mortgage Rates Since 2008

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An advertising sign for building land stands in front of a new home construction site in Northbrook, Ill., Thursday, May 5, 2022. Record low-interest mortgages are long gone. Credit card rates will likely rise. You'll pay more for an auto loan. The unusually large three-quarter point hike, Wednesday, June 15, in the Fed's benchmark short-term rate is going to have a lot of impacts on Americans' finances. The hope is that by making borrowing more expensive, the Fed will succeed in cooling demand for homes, cars and other goods and services and slow inflation (AP Photo/Nam Y. Huh)
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In response to the Federal Reserve raising interest rates this week, homebuyers and those looking for refinancing are met with the highest mortgage rates since 2008 and the largest increase of the last 35 years.

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