Mortgage rates hit their highest levels in 20 years this week with the 30-year fixed-rate mortgage averaging near 6.92 percent—up from 6.66 percent the week prior, according to Freddie Mac’s Primary Mortgage Market Survey. It’s the highest average rate since April 2002. The 30-year fixed rate stood at about 3.05 percent one year ago. “We continue to…
Trouble Brewing in US Housing Market as Mortgage Rates Hit 20-Year Highs
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October 3, 2022
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Commentary Inflation is hitting us at the gas pump, supermarket, as well as mortgage and rent. While the Federal Reserve (Fed) tries to beat inflation by increasing interest rates, that actually makes mortgage and rent payments worse, not better. Average mortgage payments at the mean have increased by almost 60 percent since the fourth quarter…
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