Historically low mortgage rates fueled the pandemic housing rally, but borrowing costs have more than doubled since starting the year near 3%.
The rapid jump has undermined buying power for house hunters and dragged down real estate prices as the Federal Reserve tries to tackle inflation.
Mortgage rates dipped briefly below 5% at the beginning of August, but have now increased nearly 2 percentage points since then. Data released this week showed that home prices in 20 US cities posted a monthly decline in July for the first time since 2012. Seattle, San Francisco and San Diego posted the biggest drops as expensive West Coast markets fall fast.
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