Mortgage rates just hit their highest since 2002
![Mortgage rates have been surging, making home ownership a lot less affordable for many people. The higher rates have also made people reluctant to sell their current homes, since many would likely have to pay more in mortgages for their next house.](https://media.npr.org/assets/img/2023/08/17/gettyimages-1556374314_wide-6bf8b1811b66b6596e5cfd7bf8e57432857c02ee.jpg?s=600)
The average cost of a 30-year fixed-rate mortgage jumped to 7.09% this week, the highest in over two decades. Rising interest rates have put homes out of reach for many would-be buyers.
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