Mortgage rates up again

Mortgage interest rates rose last week and are hovering around 7%. I’ll update this post later today when Freddie Mac posts the average rates for the week.  The demand for mortgages is at a three-month low.

Rates will likely go down again but only if the US debt ceiling is increased. If not look for mortgage rates closer to 8% and more.

This might be the best time to hold off on buying a house unless you can pay cash.

As for selling a house, they are still selling quickly and often with multiple offers. Cash offers are fairly common this year.



Here are the updated weekly mortgage rate averages.

Chart from Freddie Mac with mortgage rates
Latest mortgage interest rate averages. 6.1.2023
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