The average 30-year fixed mortgage rate reached 6.7 percent, according to Freddie Mac’s weekly survey of lenders. The figure marks the sixth straight week the average increased and the highest average rate since July 2007. CLICK ON THE HEADLINE FOR MORE
The lack of market competition and sellers dropping their prices are picking up pace. Meanwhile, home buying has never been more expensive. For the week ending June 16, 30-year mortgage rates rose to 5.78%—the highest level since November 2008, and the largest one-week increase since 1987. CLICK ON THE HEADLINE FOR MORE
Some economists have suggested that higher mortgage rates could create a “lock-in” effect, where homeowners are disinclined to sell their current home because it would mean buying a home at a higher interest rate. CLICK ON THE HEADLINE FOR MORE
