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Budget 2024: Labour set out tax hikes to rescue UK economyThe latest data from Freddie Mac showed that the average year mortgage rate had increased to %, more than a quarter-point higher than it was two weeks. Mortgage rates surged again this week, with the year fixed rate up to 7 percent, according to Bankrate's latest lender survey. Recent falls in rates could come to "an abrupt halt" in the next few days, according to brokers.