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Mortgage rates are climbing back towards 7%, reaching their highest point since mid-February at 6.86%. This increase, driven by concerns over the national debt and a Moody's downgrade of US federal debt, is impacting home buyers. The spring home-buying season has slowed, with sales of previously owned homes at their lowest rate since 2009. Despite this, home prices remain high, reaching a record $414,000 median price in April. Increased housing inventory offers some hope for buyers, but rising rates could offset this.

Prepared by Christopher Adams and reviewed by editorial team.