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US Mortgage Rates Jump to 6.29%, Highest Since October 2008

  • Rising loan costs are freezing out buyers, pressuring prices
  • Fed sees more rate hikes ahead in its effort to cool inflation
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Mortgage rates in the US rose for a fifth straight week, threatening to freeze more would-be buyers out of the market for homes. 

The average for a 30-year, fixed loan surged to 6.29% from 6.02% last week, Freddie Mac said in a statement Thursday. Rates tracked a jump in 10-year Treasury yields, and now are at the highest level since October 2008, the company’s data show.