The average interest rate on a typical mortgage is now 7.49%, worsening the nation\u0027s housing affordability crunch.
Mortgage rates continue to climb, hitting their highest level in nearly 23 years. The average rate on a 30-year fixed-rate loan rose to 7.49%, from 7.31% last week, Freddie Mac said Thursday. The average rate on a 15-year mortgage rate rose to 6.78% from 6.72% last week.
A dip in inventory is also acting to push up home prices.The national median existing home price rose in August to $407,100, up 3.9% from a year ago, according to the National Association of Realtors. The typical mortgage payment hit $2,170, up 18% from a year earlier, according to the Mortgage Bankers Association. The combination of increasing mortgage rates and a shortage of properties for sale has worsened the affordability crunch by keeping prices near all-time highs.
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