The recent surge has slammed the brakes on activity in the residential real estate sector.
Why it matters:could also become a contentious political issue.The average rate on the 30-year fixed rate mortgage hit 6.92%, according to Freddie Mac. Just a year ago it hovered around 3%.
In October 2021, the principal and interest payment on the median-priced American home was about $1,500 a month, according to our own tinkering on
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Mortgage Rates Hit 6.92%, a 20-Year HighMortgage rates jumped to 6.92%, their highest level in more than two decades. A year ago, the average rate was 3.05%.
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Mortgage rates hit 20-year high | CNN BusinessThe 30-year fixed-rate mortgage averaged 6.92% in the week ending October 13, up from 6.66% the week before, according to Freddie Mac. It is the highest average rate since April 2002. A year ago, the 30-year fixed rate stood at 3.05%.
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Mortgage rates hit 20-year high: Freddie MacMany prospective buyers have been pushed out of the market as average mortgage rates have more than doubled this year.
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2 police officers were shot and killed while responding to a domestic violence call in Connecticut | CNNTwo law enforcement officers were killed and a third has serious injuries after a shooting late Wednesday night, Connecticut State Police said
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US mortgage rates could surge to 8.5% as inflation rages: economistAn 8.5% average mortgage rate would be “another big shock to the housing market.”
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US mortgage interest rates hit highest point since 2006The real estate market continues to deal with rocky territory as the Federal Reserve aggressively raises rates to stymie persistent red-hot inflation.
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