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Average mortgage rate highest in 20 years

NPR

Published August 28, 2023 at 8:33 AM EDT

The average mortgage rate in the U.S. is now more than 7%, its highest level in more than 20 years. That has some homeowners feeling locked in, tethered to their low-interest rates and unable to move.

Wailin Wong and Darian Woods of Planet Money’s show “The Indicator” explain how this is impacting the housing market.

This article was originally published on WBUR.org.