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.
