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The statement suggests a shift in the housing market’s status quo, indicating that 7% mortgage rates have become the standard or “new normal”. Here’s what you should know about it:
1. **Rising mortgage rates**: A 7% rate is significantly higher than what has been experienced in the recent past. In the U.S, for instance, the average 30-year fixed mortgage rate has hovered around 3-4% over the past few years. A jump to 7%