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Higher rates on mortgages drain market

When Colleen Randall bought her house in 2016 for $174,000, she figured it was the perfect starter home. Then the past few years made the deal even sweeter: She doubled the square footage after redoing her unfinished basement. Now the three-bed, three-bath house in Hagerstown, Md., is worth $260,000, minimum. Refinancing in 2020 also lowered her mortgage rate from 3.25 to 2.75 percent and knocked off her private mortgage insurance.

A problem for the housing market: People won t quit their cheap mortgages

A problem for the housing market: People won t quit their cheap mortgages
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