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“While springtime is typically the busiest homebuying season, the upswing in rates has caused some volatility in demand,” says a Freddie Mac official.
A “lock-in” effect from ultra-low mortgage rates over recent years may prevent some homeowners from moving on.
Since the start of the year, about $400 has been added to the average monthly mortgage payment on a median-priced home.
Inflation is at a 40-year high and higher spending on other consumer items may mean less money to spend on a mortgage payment.
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