Mortgage rate pain for first-time buyers

Higher rates mean that some people are putting off buying a home or renewing mortgages. …

As those proposals were dampened, then reversed, mortgage rates have started to fall again. The interest rate for a typical, new two-year fixed-rate home loan peaked at 6.65% in October, but has now dropped to 5.78%. Five-year deals, which had also topped 6%, now typically have a rate of 5.61%.

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