US mortgage rates top 7% for the first time in 2 decades
2 years, 1 month ago

US mortgage rates top 7% for the first time in 2 decades

Associated Press  

WASHINGTON — The average long-term U.S. mortgage rate topped 7% for the first time in more than two decades this week, a result of the Federal Reserve’s aggressive rate hikes intended to tame the nation’s stubbornly high inflation. Higher mortgage rates reduce homebuyers’ purchasing power, resulting in fewer people being able to afford to buy a home at a time when home prices continue to climb, albeit more slowly than earlier this year. “We’re really viewing this as a spike in mortgage rates that is pretty dramatically impacting affordability in the market, really sharply curtailing demand,” said Mike Fratantoni, chief economist at the Mortgage Bankers Association. Many potential homebuyers have moved to the sidelines as mortgage rates have more than doubled this year, a trend that’s knocked the once red-hot housing market into a slump.

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