The mortgage rate shock is back just as the housing market enters the seasonal soft

The housing market is facing a renewed challenge as the average 30-year fixed mortgage rate reached 7.13% on Tuesday. This increase is raising concerns among potential homebuyers and those looking to refinance their existing mortgage. The higher mortgage rates could affect the affordability of homes and may impact the overall demand in the housing market. Experts suggest that this uptick in rates could also coincide with a seasonally weaker period for the housing market. It is important for prospective buyers to carefully consider their options and evaluate the potential impact of higher mortgage rates on their financial situation.

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