Reported 4 months ago
The average 30-year fixed mortgage rate has risen above 7% to 7.03%, up from 6.94% the previous week, as reported by Freddie Mac. Rates have been mostly above 7% since mid-April, with a recent increase attributed to Federal Reserve officials indicating potential rate hikes if inflation data continues to disappoint. This rise in mortgage rates has impacted homebuyers and led to decreased purchase and refinancing activity, with mortgage demand currently 10% lower compared to last year. The scarcity of available homes for sale, combined with the majority of homeowners having lower interest rates, has contributed to an inventory shortage in the housing market.
Source: YAHOO