Mortgage rates just hit a 12-month high at 6.66%, adding serious pressure on homebuyers as monthly payments climb and affordability tightens. Driven by inflation fears, rising oil prices, and the Fed’s steady stance — with some officials even suggesting further hikes — the housing market is cooling. Fewer sales and falling mortgage applications signal a sluggish summer for homeownership, as buyers wait for relief that’s not showing up anytime soon.
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