Mortgage Rates Peak Since April

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Mortgage rates rose to their highest level in more than two months on Thursday, boosted by high inflation and expectations that the Federal Reserve will raise short-term rates earlier than expected.

The average rate on a 30-year fixed-rate mortgage rose to 3.02% from 2.93% last week, the mortgage finance giant said. Freddie Mac said.

“As the economy progresses and inflation remains high, we expect rates to continue to rise gradually in the second half of the year,” said Sam Hather, chief economist at Freddie Mac.

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