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Mortgage rates surpass 7%, Freddie Mac says — 'leading to greater stagnation in the housing market’

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The 30-year fixed-rate mortgage averaged at the highest level since 2002, according to data released by Freddie Mac.

High mortgage rates continue to pressure the housing market, as the sector undergoes a deep slow down after two years of blockbuster growth.

The 30-year broke 7% for the first time since April 2002, Sam Khater, chief economist at Freddie Mac, said in a statement, “leading to greater stagnation in the housing market.”

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