_30-year-fixed-mortgage-rates-reach-highest-level-since-november-at-7-5.jpg "30-Year Fixed Mortgage Rates Reach Highest Level Since November at 7.5% from bhoot fm 30 10 2015 halloween special mp3 Video Screenshot Preview")
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✓ Published: 20-Apr-2024
👁 View: 75K times
✓ Published: 20-Apr-2024
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The average rate on the 30-year fixed mortgage is currently around 7.5%, the highest level since mid-November and up from around 6% in February. Higher rates caused home sales to stall last year but rebounded before rising rates halted the surge. Affordability is weakening as rates increase while housing supply remains very low, fueling competition. Despite higher rates, mortgage applications to purchase homes rose 5% last week compared to the prior week. Economists expect rates to remain elevated given inflation and Fed policy, dampening sales going forward.
The average rate on the 30-year fixed mortgage is currently around 7.5%, the highest level since mid-November and up from around 6% in February. Higher rates caused home sales to stall last year but rebounded before rising rates halted the surge. Affordability is weakening as rates increase while housing supply remains very low, fueling competition. Despite higher rates, mortgage applications to purchase homes rose 5% last week compared to the prior week. Economists expect rates to remain elevated given inflation and Fed policy, dampening sales going forward.
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