10/19/2023 – 19:27
The cost of financing a home rose again this week, with the average U.S. mortgage rate at its highest level since December 2000. The average 30-year home mortgage rate rose from 7.57% the week before 7 .63% in the most recent, Freddie Mac reported this Thursday. A year earlier, it was on average at 6.94%.
As mortgages grow, they become more expensive for potential homebuyers, limiting those who can afford them in a market already out of reach for many Americans.
There is also a disincentive for those who bought houses around two years ago to resell them, as they pay much lower interest now than in a possible new deal. The weekly interest rate increase was the sixth in a row.
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