Mortgage Rates Highest in Three Months as War Weighs on Housing Market
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Rising energy costs and concerns about inflation have helped lift borrowing costs for a home mortgage for the third consecutive week.
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The housing market has been stuck in the doldrums since the Covid-19 pandemic, when mortgage rates fell below 3 percent, setting off a frenzy of home buying and refinancing. Since then, many homeowners have been reluctant to sell their homes because they would then face higher rates. With fewer homes on the market, prices have risen and sales have slowed.
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