Mortgage rates have reached their highest level in nearly three years, adding to the cost of buying a home when prices are already high.
Carrie Goldstein wants to move from her Cleveland suburb to nearby Rocky River, where she could walk downtown or to Lake Erie. But the mortgage payment has kept her from making the move.
The pressure extends beyond housing. Higher bond yields have pushed up borrowing costs for car purchases and education as well as homes. The Federal Reserve raised interest rates in September for the first time this year and signaled that another increase could follow, so borrowing costs may climb further.
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