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Mortgage rates hit highest level in 13 years

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Mortgage rates have hit their highest level in 13 years. Average long-term U.S. mortgage rates edged up again this week. Mortgage buyer Freddie Mac says the 30-year rate ticked up to 5-point-3 percent, reaching its highest level since 2009. A year ago, the average rate was just under 3 percent. With it costing more to borrow, some economists predict that home sales could decline this year as much as 10 percent.

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