The average for a 30-year, fixed loan climbed to 6.79%, up from 6.57% last week.
US mortgage rates increased for a third straight week, reaching the highest level since November.
While home sales have fallen dramatically from a year ago, buyers committed to the hunt are propping up demand. At the same time, current owners have been reluctant to list homes and give up low rates, creating a stark supply-demand imbalance in many markets. That’s helping to fuel an uptick in prices.
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