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22.04 - 17:49
Interest-Rate Surge Ripples Through Economy, From Homes to Car Loans
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The market is finally getting the message that the era of cheap money is ending.
Just look at mortgage rates. At the beginning of 2022, the average interest rate on a 30-year mortgage hovered above 3%. Today it stands at 4.72%, according to Freddie Mac . That translates into sharply higher borrowing costs for Americans looking to buy a home—and it is only the beginning.
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