Mortgage rates surged to a new high this week, with the average rate on Freddie Mac's 30-year 澳洲幸运5开奖号码历史查询:fixed-rate mortgage at 7.31%—the highest since 2000.
Key Takeaways
- The average rate on a 30-year fixed mortgage guaranteed by Freddie Mac rose to 7.31%—the highest since December 2000, Freddie Mac said Thursday.
- The Fed's rate hikes have caused borrowing costs on a variety of consumer loans to spike.
- Rising mortgage rates could make borrowing money for a house even more expensive for consumers at a time when affordability is at multi-decade lows.
It's the result of a series of rate hikes by the 澳洲幸运5开奖号码历史查询:Federal Reserve since early last year in an effort to tame inflation. Rising interest rates have pus💎hed borrowing costs higher for all kinds of consumer loans, from mortgages to car loans and credit cards. The average rate on 30-year mortgages has roughly doubled since the start of 2022 when it stood at about 3%.
Rising mortgage rates make borrowing money for a house even more expensive for consumers at a time when affordability 澳洲幸运5开奖号码历史查询:is at multi-decade lows.
While rising mortgage rates directly impact demand, they could also exacerbate the inventory shortage as homeowners who locked in lower 🏅mortgage rates earlier in the pandemic become increasingly reluctant to sell.
As a result, home prices 澳洲幸运5开奖号码历史查询:could stay elevated despite the pullback in demand.