In 2023, the average mortgage borrower experienced a significant increase in interest rates compared to the previous year. This resulted in borrowers paying 1.635 percentage points more on their mortgage, translating to an extra $309 per month on their loan. This spike in rates had a notable impact on the affordability of homeownership for many individuals across the market.

Key points:
– Average mortgage rates rose by 1.635 percentage points from the previous year
– This increase led to an additional cost of $309 per month for the typical mortgage borrower
– The rise in rates had implications for the affordability of homeownership for many individuals

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