Mortgage rates are still above 7% and home prices remain high

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Mortgage rates are still above 7% and home prices remain high

Mortgage rates increased this week again, marking the second week in a row rates were above 7%. The average 30-year mortgage rate was 7.17%, up from last week when the average was 7.1%, Freddie Mac reported.Last year at this time, 30-year mortgages were slightly better off, but not by much. The average rate was 6.43%."Mortgage rates continued rising this week," Freddie Mac Chief Economist Sam Khater said in a press release."Despite rates increas…