Mortgage rates just hit their highest since 2002

making it much more expensive for many people to purchase a house.

According to data provided by the industry behemoth Freddie Mac

 the standard interest rate for a house loan with a fixed rate and a term of thirty years reached 7.09 percent this week. 

 This comes as the Federal Reserve has aggressively boosted interest rates in an effort to battle

bank of mum and dad" to acquire that down payment, it's going to be a very difficult process for you.

Not only does an increase in interest rates make it more difficult for first-time buyers to enter the housing market

 They also deter those who currently own houses from upgrading to a more expensive property.

According to Dietz, "If you're a homeowner who has a mortgage rate of 2% or 3%, you're not in a rush to put your property up for sale since doing so would necessitate

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