A year ago, the 30-year fixed-rate was 5.30%.
“Mortgage rates continued their upward trajectory again this week, rising to the highest rate this year so far,” said Sam Khater, Freddie Mac’s chief economist. “This upward trend is being driven by a resilient economy, persistent inflation and a more hawkish tone from the Federal Reserve. These high rates combined with low inventory continue to price many potential homebuyers out of the market.”
The latest Personal Consumption Expenditures price index, a crucial indicator monitored by the Federal Reserve for monetary policy decisions, suggests that inflation isn’t retreating as quickly as hoped, said Jiayi Xu, economist at Realtor.com. “For sellers, these high mortgage rates have been compelling existing homeowners to delay their selling and moving plans, despite the fact that home prices are still high and consumers generally agree that it’s a good time to sell,” said Xu.
“In addition to the limited inventory for buyers, the rising interest rates also pose a significant concern for those intending to purchase a home within the next year,” she said, citing Realtor.com data. “About 78% of home shoppers planning to buy in the near future anticipate being priced out of the market if home prices and mortgage rates both continue to rise.”
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