"The underlying strength of the economy is contributing to this increase in rates," says Sam Khater, Freddie Mac's chief economist. He emphasizes this trend as mortgage rates rise for the fifth consecutive week, crossing 7% for the first time since May 2024.
"Mortgage rates continue to have an outsized impact on housing activity as the share of existing homeowners with low-rate debt remains sizable," notes Danielle Hale, highlighting that this dynamic affects market behavior amid rising rates.
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