The average rate on a 30-year fixed mortgage in the United States has risen to 6.91%, marking the highest level since July, as reported by Freddie Mac. This increase reflects ongoing trends in the housing market and has significant implications for prospective homebuyers and the overall economy.
Tag: Housing Market
Mortgage Rates Approach 7% Mark as 2024 Concludes
As 2024 draws to a close, mortgage rates are nearing the 7% threshold, reflecting ongoing economic shifts and influencing both potential homebuyers and the housing market. This trend raises concerns regarding affordability, market activity, and the broader implications for the economy as a whole.