Reported 6 months ago
Mortgage rates in the US climbed above 7% for the first time since early May, with the average for a 30-year fixed loan increasing to 7.03% from last week's 6.94%, according to Freddie Mac. This increase comes after weeks of rates hovering around 7%, impacting demand as prices remain high and inventory remains tight. The rise in rates marks the first gain in four weeks, signaling a potential slowdown in economic growth, with experts predicting a drop to around 6.5% by the end of 2024 as inflation slows.
Source: YAHOO