After taking a breather last week, mortgage rates have risen again – moving even closer to 7%
After taking a breather last week, mortgage rates rose again – moving even closer to 7%. Mortgage rates have more than doubled in the past year as the Federal Reserve pushed ahead with its unprecedented campaign of hiking interest rates in order to tame soaring inflation. The combination of the central bank’s rate hikes, investor’s concerns about a recession and mixed economic news has made mortgage rates volatile over the past several months.
But there is still a shortage of available homes for sale in relation to buyer demand, which has kept prices strong. “The consequences are evident in rent growth and high home prices,” said Lawrence Yun, chief economist for the National Association of Realtors. “Even with an anticipated fall in home prices in some markets – principally in California – homes will continue to be unaffordable, while rents are squeezing non-owners.
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