Mortgage rates have been on the rise again, according to a report from Freddie Mac. The average rate for a 30-year fixed-rate mortgage is now 6.97%, up from 6.87% last week. This is the highest rate since mid-March, when it was 7.03%.
The increase in mortgage rates is due to a variety of factors, including the Federal Reserve’s decision to raise interest rates and the ongoing trade tensions between the U.S. and China. The Fed’s decision to raise rates is intended to keep inflation in check, but it also makes borrowing more expensive.
The rise in mortgage rates could have an impact on the housing market. Higher rates make it more expensive for potential homebuyers to borrow money, which could lead to fewer people buying homes. This could lead to a slowdown in the housing market, as fewer people are able to afford to buy homes.
However, the rise in mortgage rates is not necessarily a bad thing. Higher rates can be beneficial for those who already own homes, as it can lead to higher returns on their investments. It can also be beneficial for those who are looking to refinance their mortgages, as they can take advantage of the lower rates.
Overall, the rise in mortgage rates is something that potential homebuyers should be aware of. It could lead to fewer people buying homes, which could have an impact on the housing market. However, it could also be beneficial for those who already own homes or are looking to refinance their mortgages.
