The recent rise in average 30-year mortgage rates to 6.54% is a setback for home buyers, impacting their purchasing power amid high home prices.
With mortgage rates back up after a slight dip, potential home buyers are discouraged, as rising rates can mean hundreds more per month in borrowing costs.
Factors influencing mortgage rates include the bond market response to Federal Reserve interest rate policies, which certainly impact the pricing of home loans.
Though mortgage rates are still lower than last year’s 7.79%, the current trend suggests a tightening market where buyers might struggle to find affordable options.
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