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Rising rates to impact buyers, owners

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Yields on the 10-year Treasury note rose sharply on Tuesday, signaling a larger trend of rapidly rising interest rates that will affect homeowners looking to refinance their mortgages and people who want to buy a house. The national average for the 30-year fixed-rate mortgage was 6.74 percent yesterday, as compared to 6.18 percent at the beginning of the year. As interest rates rise from the unusually low levels they’ve hovered at over the past few years, mortgage borrowers will see higher and higher costs associated with their loans. more [NYT]

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