The 30-year fixed-rate mortgage averaged 7.09% as of Aug. 17, according to new data from Freddie Mac’s Primary Mortgage Market Survey. Last week, this mortgage averaged 6.96%, while one year ago it averaged 5.13%. The current level is the highest in more than 20 years.
Some have suggested that there may be yet another rate hike this year. I sure hope not. So far higher interest rates have not discouraged home buyers as much as home sellers who are staying put.
