Home buyers are facing the highest mortgage rates in over two decades, with an average mortgage rate of 7.23% for a 30-year fixed-rate loan, resulting in an average monthly payment of $2,246 for a typical single-family home; rising rates are impacting buyers' ability to enter the market and sellers' willingness to make moves, according to Jessica Lautz, deputy chief economist at the National Association of REALTORS®. A growing economy is likely to maintain upward pressure on rates in the short term, causing existing-home sales to decrease due to high rates and low supply of unsold homes, although new homes are slightly more available and sales of these are rising, somewhat alleviating the housing inventory challenge, says Sam Khater, Freddie Mac's chief economist. The rise in rates is leading some home buyers to consider adjustable-rate mortgages (ARMs) with lower introductory rates, although these rates will reset in five or seven years, resulting in increased applications for ARMs, reaching the highest level in five months at 7.6%, as reported by the Mortgage Bankers Association. Freddie Mac's data for the week ending August 24 shows 30-year fixed-rate mortgages averaging 7.23%, up from the previous week's 7.09%, and 15-year fixed-rate mortgages averaging 6.55%, up from last week's 6.46%. For more information click the link!

https://www.nar.realtor/magazine/real-estate-news/mortgage-rates-surge-to-7-23