Housing affordability: Mortgage rates are surging to the highest level in 7 years [USA TODAY]
CORELOGIC (CLGX)
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Source: USA TODAY
CLOSE According to financial analysts, the U.S. economy is facing one of the worst periods of inflation since the recession—and it's coming to grocery stores, too. Time A for sale sign hangs outside a recently built house on Friday near Roseville, Calif. Federal data released Friday shows California has surpassed the United Kingdom to become the world fifth largest economy, with real estate and financial services leading other economic sectors in driving the state's economic growth. (Photo: Rich Pedroncelli, AP) CONNECT TWEET LINKEDIN 1 COMMENT EMAIL MORE A sharp sell-off in the bond market is sending mortgage rates to the highest level in seven years. The average contract rate on the 30-year fixed will likely end the day as high as 4.875% for the highest creditworthy borrowers and 5% for the average borrower, according to Mortgage News Daily . Mortgage ra
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