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Mortgage rates have jumped to their highest level since early 2020.

Why it matters: The rising cost of home loans could slow the booming American market for residential real estate.

State of play: Across the country, house prices have exploded over the last two years, as the pandemic — and super-low interest rates put in place by the Federal Reserve — ignited a home-buying frenzy not seen since the housing bubble of the mid-2000s.