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Mortgage Rates Highest In 21 Years

Mortgage rates highest in 21 years

The average 30-year fixed mortgage is now at 7.09%, the highest since 2002. The NY Times reports that analysts predict that the rate will start to fall towards the end of 2023.

The housing market in the US is now stagnant. Owners with low mortgage rates don’t want to sell and many buyers don’t want to lock in a rate that’s double what it would have been a few years ago.

Home sale volume is low across the country and that shortage of supply is keeping prices of existing homes high and rising.

While existing home sales are falling, the sale of new construction is rising. However, most of those newly built homes are in the luxury range, which is most profitable for homebuilders.

Read the full NYTimes report here:Interest Rates at 21 year high

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