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Mortgage rates climb to 5%

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Mortgage rates have climbed above 5 percent for the first time in more than seven years.

The average 30-year fix-rated home loan rate hit 5.05 percent last week, compared with 4.96 percent in the prior week and 4.16 percent a year earlier.

Officials with the Mortgage Bankers Association said that's the first time the average rate has passed 5 percent since February 2011.

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