The average rate on a 30-year mortgage increased to 6.85 percent, marking the highest level since mid-July, and significantly affecting homeownership affordability.
Many economists predict that the average mortgage rate will stay above 6 percent next year, with estimates reaching as high as 6.8 percent.
Rising mortgage rates and home prices are making homeownership unattainable for many buyers, with the housing market projected to have its worst year since 1995.
The increase in mortgage rates aligns with rising bond yields, chiefly influenced by the Federal Reserve’s guidance on future interest rate cuts.
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