Reported 12 months ago
The average rate on a 30-year mortgage has risen for the first time since late May, reaching 6.95% this week, as reported by Freddie Mac. This increase in rates, along with rising borrowing costs, can impact homebuyers significantly. Despite expectations of a Fed rate cut later in the year, mortgage rates are unlikely to decrease until then. The housing market has been affected by high mortgage rates and record-high home prices, leading to a decline in home sales in recent months.
Source: YAHOO