Mortgage rates are on the rise, again topping 7% for a 30-year fixed-rate home loan.
Freddie Mac said the average mortgage rate topped 7% for the first time this year a week ago.A 30-year fixed-rate mortgage averaged just 2.97% this time three years ago.
Current homeowners with lower locked-in rates are reluctant to list their homes for sale, limiting supply.in about half the country.There were about 4.09 million existing-home sales in 2023. NAR is expecting a little bit of improvement this year, with 4.46 million existing homes forecasted to be sold.Normally, we’d see 6 million existing homes sold, saidWe’re in something of a “housing recession,” he said.
All else equal, and on what’s currently a typically priced home, the jump in rates over the last three years has“As inflation stays higher for longer, as the economy stays stronger for longer ... that's caused the mortgage rates to go back up,” Ostrowski said.
NAR Housing Market Federal Reserve Inflation Home Sales Bankrate Freddie Mac
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