The average rate for a 30-year fixed-rate mortgage surpassed 7 percent for the first time this year, according to mortgage giant Freddie Mac.After gradually descending through the winter months, mortgage rates are again on the rise, rising to 7.1% this week from 6.88% last week., “As rates trend higher, potential homebuyers are deciding whether to buy before rates rise even more or hold off in hopes of decreases later in the year.
When mortgage rates rise, they can add hundreds of dollars a month in costs for borrowers, limiting how much they can afford at a time when the U.S. housing market remains constrained by...The U.S. housing market is coming under renewed pressure, buffeted by mortgage rates that rose above 7% again and uncertainty over changes to the commission system for buying and selling a home.
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