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Mortgage Rates Rising

Here is some good news and bad news for those planning on buying a new home. The bad news, mortgage rates are on the rise. It’s now close to seven percent. The good news? Clare Losey with the Real Estate Center at Texas A&M says that is driving down sales prices: Pending home sales are at the lowest since 2011. That’s because the minimum income needed to afford a typical house has doubled since 2020, according to data from Zillow.