The interest rate for the most common home loan in the United States surpassed 7 percent this week, by one measure — the latest signal that the high-flying housing market is falling back to earth.
According to Mortgage News Daily, a popular industry gauge, the average 30-year fixed-rate mortgage reached 7.8 percent on Tuesday. Another survey, by the Mortgage Bankers Association, showed the rate averaging 6.52 percent , the highest reading since mid-2008. Freddie Mac placed it at 6.7 percent, up from 3.01 percent during the same week last year.
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