Mortgage rates march towards 6%, reaching highest level since 2008 — but there is some good news for home buyers
Mortgage rates increased again this week, sensing further aggressive rate hikes from the Federal Reserve.Mortgage rates increased again this week, sensing further aggressive rate hikes from the Federal Reserve.
That’s up 23 basis points from the previous week — one basis point is equal to one hundredth of a percentage point, or 1% of 1%. The median price of an existing home in the U.S. was $403,800, as of July, the National Association of Realtors said.A year ago, the 30-year was at 2.88%.The adjustable-rate mortgage averaged 4.64%, up from the prior week.
But there is some good news for home buyers: The “dispersion of rates has also increased,” Khater noted. So prospective buyers can shop around for a better rate.
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