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Interest rate hikes make homebuying tougher

A local housing analyst says he expects interest rates to rise for the rest of the calendar year to help battle inflation costs from food to gas prices.

But that means it could make it tougher to buy homes, even as prices have continued to rise around the region.

Mortgage interest rates rose to an average of 4.16% this week, according to an Associated Press report. That’s the first time they’ve crested 4% since May 2019, according to Freddie Mac. A year ago, the rate was at 3.09%.

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