Struggling US home buyers, and market, face new hurdles as mortgage rates near 7%
Mortgage rates for 30-year fixed-rate home loans recently reached 6.76%, the highest level in over 14 months. Buyers face continued challenges as rates approach 7% after months of increases. Freddie Mac reports that relief for shoppers may not be imminent as the market remains under pressure.
Home shoppers holding out for relief from rising mortgage rates may be in for a long wait. The weekly average rate on a 30-year fixed-rate home loan has been rising for months and reached its highest level in over 14 months last week at 6.76%, according to mortgage buyer Freddie Mac. This week’s snapshot, due...
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