This week, mortgage rates rose, following an increasing trend that has maintained rates above 5% since mid-April.
According to Freddie Mac, the 30-year fixed-rate mortgage averaged 5.30 percent last week, up from 5.27 percent the week before. It’s at an all-time high, surpassing the 2.94 percent average from this time last year.
Some purchasers are expected to drop out of the market as mortgage rates rise and the cost of buying a property rises. As a result, some areas are expected to see less competition, limiting the rate of housing price growth.
Freddie Mac’s chief economist said, “Homebuyers continue to show resilience even though rising mortgage rates are causing monthly payments to increase by about one-third as compared to a year ago.”
