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US Mortgage Rates Climb Above 6% for First Time Since 2008

  • Fast-rising borrowing costs have slammed the housing market
  • Tight inventory will limit home-price declines, economist says
Bloomberg business news
Housing’s Global Slump Is Deepening From Rate-Hike Pain
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Mortgage rates in the US topped 6% for the first time in nearly 14 years. 

The average for a 30-year loan jumped to 6.02% from 5.89% last week, Freddie Mac said in a statement Thursday. The last time rates were above 6% was in November 2008, the company’s data show.