This week, the average long-term US mortgage rate has edged higher after two weeks of decline. The average benchmark rate is still elevated relative to 2020 and 2021, and higher mortgage rates have slowed home purchase activity. Sales of previously occupied US homes have fallen 23.2% in the last 12 months and the national median home price has dropped to $388,800. The Fed has raised its benchmark interest rate 10 times in 14 months, with the central bank signaling that it could finally pause its yearlong campaign.
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