Mortgage rates reach 3-year highs, pushing down housing sales
Summary
Mortgage rates have risen to their highest level in three years. Higher mortgage rates are causing fewer people to buy homes, leading to a drop in housing sales.Key Facts
- Mortgage rates are at their highest point in three years.
- Higher rates increase the cost of borrowing money to buy a home.
- As mortgage costs go up, fewer people are buying houses.
- The rise in rates is pushing down overall housing sales.
- The information comes from a report by CBS News including details from Los Angeles.
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