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Mortgage rates have been trending up over the past few days. Average 30-year mortgage rates have increased over 20 basis points compared to last week, and they remain the highest they've been since the early 2000s.
Rates will likely remain elevated for at least the next month or two until we get a clearer picture of whether inflation is coming down sufficiently. If you're planning to buy a home soon and have some flexibility in when you start house shopping, you could snag a lower rate by starting the process later this year or early next year.