Mortgage rates have climbed to their highest point in nearly 15 years, presenting new challenges for potential home buyers as the
A new report from the
"Mortgage rates continued to rise alongside other-than-expected inflation numbers this week, exceeding six percent for the first time since late 2008,"
"Although the increase in rates will continue to dampen demand and put downward pressure on home prices, inventory remains inadequate. This indicates that while home price declines will likely continue, they should not be large."
Average mortgage rates for a 15-year fixed mortgage rose 0.05% last week to 5.21%, 3.09% higher than 2021. Adjustable mortgage rates, known as ARMs., rose to 4.93%, an increase of 0.29% from last week and 2.42% since September of last year.
The 30-year mortgage rate was 3.22% to start 2022 but has steadily climbed as the economy struggled with rapidly climbing inflation.
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