Source: Yahoo Finance —
The housing market and all of the uncertainty plaguing it is undoubtedly on the minds of prospective buyers, sellers and investors.
As the Federal Reserve continues to try to curb inflation through the increase in rates, its been indirectly driving up the cost of the home loan that 90% of buyers obtain — the 30-year fixed-rate mortgage. The average 30-year fixed rate mortgage in the U.S. climbed to 6.82% as of Sept. 29 — more than double what it was on Sept. 30, 2021, when the average rate was at 3.01%.
As a result, there is a growing affordability crisis plaguing potential homebuyers because the average monthly payment has increased by over 50% since last year. This month, mortgage interest rates hit a high not seen since the 2008 housing crash.
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