The average 30-year fixed mortgage rate increased to 6.87% this week from 6.74% last week. The 15-year fixed mortgage rate also rose to 6.21% from 6.16% last week. Mortgage demand decreased, with both purchase and refinance activity dropping. Factors affecting rates include inflation and the federal funds rate. Consider your financial stability, long-term plans, and credit score before deciding to buy a home.
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