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Mortgage Rates Too High? (Blame the Fed, Wall Street and Your Neighbor.)



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Mila Adams moved to Utah in May with her husband and toddler son to be closer to family, but they didn’t expect to be living with her husband’s parents nearly a half year later.The couple’s search for a home of their own became a race to stay ahead of the rapid rise in mortgage rates. Each time rates climbed — passing 5, 6 and now 7 percent — the size of the houses they could afford shrank.“We looked at some new builds and some older homes, but it seems like with every rate hike our buying power goes down, and we have to readjust our budget,” said Ms. Adams, 29, who was looking for a three-bedroom house roomy enough for a family with plans to grow. “The hig …

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