Source: Yahoo! News —
Nov. 5—PENDLETON — When the time came to sell her mother’s condominium, Carole Edwards was cautiously optimistic that a buyer would surface quickly.
She was also aware, however, that the local housing market — mirroring several nationwide trends — is becoming increasingly challenging for buyers and sellers alike. She pointed to nearby neighbors also trying to sell their condo as evidence.
“They’re around the corner from my mom, and they’re sitting there (with) the interest rates going up, so it’s going to cost whomever a lot more,” Edwards said.
Last week, leading mortgage buyer Freddie Mac reported that the average rate on a 30-year mortgage rose to 7.08%. It’s the first time since April 2002 that the average rate has been above 7%, and the rate is more than double what it was a year ago at this time.