Surging mortgage rates continue to raise eyebrows across the economy, posing yet another hurdle for would-be homebuyers already feeling pinched by a pricey market. 

Median home prices surged 7% in the first quarter, a 38% increase over the same period in 2020, according to Marcus & Millichap. And according to Moody’s data, the lowest tier of the housing market appreciated by 17.2% in the past year alone. Meanwhile, mortgage rates are now more than 2.5% higher than recent lows.  

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