October 27, 2022
The average rate for a 30-year fixed rate mortgage has topped 7% for the first time in 20 years.
Rates have more than doubled since the start of the year, making it much harder for would be homebuyers. The pace of home sales has declined for 8 consecutive months as frustrated buyers give up, unable to afford higher payments.
The weekly average for a 30-year fixed rate loan is now 7.08% That’s the highest level since April 2002 and it is “leading to greater stagnation in the housing market,” according to the mortgage giant Freddie Mac.
Weekly report on mortgage rates here.
