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Impact of Rising Interest Rates on Mortgage Plans The Concern Around Increasing Mortgage Rates The recent and rapid increase in interest rates has certainly created concern. While the 11 increases in the Fed Benchmark Rate since the Fed began its inflation fight in March 2022 do not have a direct impact on mortgage rates, 11 straight rate increases currently the top story all over the media does shock the market. Mortgage rates have increased from a low of 2.96% in 2021 to an average mortgage rate close to 7% in 2023 creating concern for prospective buyers. Understanding the 30-Year Mortgage...