The 30-year fixed-rate mortgage hasn’t averaged this high since 2011, as it inches closer to the 5 percent threshold. “Rising rates paired with high and escalating home prices is putting downward pressure on purchase demand,” says Sam Khater, Freddie Mac’s chief economist. “While the monthly payment remains affordable due to the still low mortgage rate environment, the primary hurdle for many borrowers today is the down payment and that is the reason home sales have decreased in many high-priced markets.”
Full Article here: Mortgage Rates Jump to 7-Year High
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