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Average long-term U.S. mortgage rates jumped back up ahead of next week's Federal Reserve meeting where the nation's central bank is expected to announce another big increase to its main borrowing rate.
A year ago at this time, the average rate was 2.96%. Until April, the average rate hadn’t exceeded 5% in more than a decade. | realestate.boston.com
Average long-term U.S. mortgage rates jumped back up ahead of next week's Federal Reserve meeting where it's expected to announce another big increase to its main borrowing rate.
Mortgage demand has fallen to the lowest level in 22 years.
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Mortgage buyer Freddie Mac reported that the 30-year rate jumped to 5.23% this week from 5.09% last week.