What the Fed’s interest rate hike means for mortgages

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from The Washington Post,

The rapid rise in mortgage rates means home buyers will need to pay significantly more for a home loan compared to even just eight months ago.

In November, a 30-year fixed-rate mortgage, the most popular home loan product, was barely 3 percent. As the rate approaches 6 percent, the added cost to a 30-year mortgage is hundreds of thousands of dollars.

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