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As of November 13, 2024, mortgage rates in the U.S. have surged to 6.79%, the highest since July, driven by inflation concerns following Donald Trump's election victory. In the UK, rising rates are also impacting the housing market, prompting borrowers to act quickly amid economic uncertainty and higher borrowing costs.
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As of November 2024, U.S. renters are grappling with significant rent increases, with the median rent now at $1,634, a 20% rise since pre-pandemic levels. Economic factors, including inflation and high interest rates, are causing consumers to hesitate on major purchases, leading to a notable 'election shopping slump.'
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The UK government's decision to freeze Local Housing Allowance (LHA) rates until 2026 has raised alarms among experts and charities. With rising rental costs, low-income renters are expected to face significant financial shortfalls, potentially leading to increased poverty and homelessness.