Mortgage rates reached a 22-year high Thursday, decreasing the affordability of homes even more for average Americans, according to Freddie Mac.
The fixed rate for a 30-year mortgage reached 7.31% on Thursday, higher than 7.19% from a week ago and up from 6.70% year-over-year, according to a press release from real estate giant Freddie Mac. Housing is becoming increasingly unaffordable as housing prices and mortgage rates rise while real wages fail to keep up with inflation.
“The 30-year fixed-rate mortgage has hit the highest level since the year 2000,” Sam Khater, chief economist for Freddie Mac, said in the press release. “However, unlike the turn of the millennium, house prices today are rising alongside mortgage rates, primarily due to low inventory. These headwinds are causing both buyers and sellers to hold out for better circumstances.” Get the hottest, most important news stories on the […]
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