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US mortgage rates reach 7-year high in November 2018

According to Freddie Mac's latest Primary Mortgage Market Survey for the week ending 7 November, US mortgage rates rose significantly across the board.

Sam Khater, Freddie Mac's chief economist, said: “The economy continued to show resilience as strong business activity and growth in employment drove the 30-year fixed mortgage rate to a seven year high of 4.94% - up 11 basis points from last week.”

Khater added: “Higher mortgage rates have led to a slowdown in national home price growth, but the price deceleration has been primarily concentrated in affluent coastal markets such as California and the state of Washington. The more affordable interior markets - which have not yet experienced a slowdown in home price growth - may see price growth start to moderate and affordability squeezed if mortgage rates continue to march higher.”

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