The average fixed 30-year mortgage rate hit 7.16% for the week ending Oct. 21
The rate on the 30-year-mortgage hit 7.16%, the highest since 2001, according to data released Wednesday morning from the Mortgage Bankers Association.Fast-rising rates have flattened the once-frothy housing market. Home prices are falling quickly, but not fast enough to make home buying affordable for anyone looking to buy right now.
Mortgage application activity is at its slowest since 1997, Joel Kan, MBA’s vice president and deputy chief economist said in a statement.The high rates are pushing down home prices. Just yesterday, new data was out showing American home prices fell by 2.4% in just the two months from June to August, asOn the other hand, they're still up 4.8% in the past six months, 13.1% over the past year, and 42.2% since the pandemic hit.
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