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Housing market continues to feel the rise of interest rates

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Feeling the pain of the seemingly ever-growing interest rates on real estate? Experts say interest rates for 30-year fixed-rate mortgages have jumped from an average low of 3% to about 6% in the last year alone.

“I’m seeing that buyers are either having to look at lower prices of houses,” Lorie Blythe, a realtor with The Stewart Home Group said.One of her clients is Theresa Hammons. Hammons has lived in her west side home for more than a year now and has been in the process of searching for her next dream home.

Experts believe that the Interest rates for 30-year fixed-rate mortgages have jumped from about 3% to about 6% in the last year alone. Hammons will tell you, the last year or so has been a bit of a challenge due to the ever-changing housing market and the rising interest rates that go with it.

 

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