Prospective home buyers have been contending with low inventory, relatively stable prices, and higher financing costs.
Daily 30-year mortgage rates hit a milestone 8% on Wednesday afternoon, putting more pressure on home buyers.
The climb in mortgage rates is further bad news for prospective home buyers, who have been contending with low inventory, relatively stable prices, and higher financing costs. The recent moves are expected to have driven September home sales lower. Other data also show that rates continue to climb. The average 30-year fixed rate on loans with conforming balances last week was 7.70%, up from 7.67% the previous week, the Mortgage Bankers Association said Wednesday. Daily rates, such as those published by Mortgage News Daily, are frequently higher than weekly measures.
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