Homebuyers faced more misery today as mortgage rates shot up to just below 7 percent - after rising for three weeks in a row.Data from Government-backed lender Freddie Mac shows that the average rate on a 30-year fixed-rate mortgage is now 6.96 percent - more than double what it was two years ago.It means that somebody buying a $400,000 home with a 5 percent deposit now faces paying an extra $1,000 a year if they bought today compared to August 2021.
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