Mortgage rates reached a 22-year high Thursday, decreasing the affordability of homes even more for average Americans, according to Freddie Mac.
The fixed rate for a 30-year mortgage reached 7.31% on Thursday, higher than 7.19% from a week ago and up from 6.70% year-over-year, according to a press release from real estate giant Freddie Mac. Housing is becoming increasingly unaffordable as housing prices and mortgage rates rise while real wages fail to keep up with inflation.“The 30-year fixed-rate mortgage has hit the highest level since the year 2000,” Sam Khater, chief economist for […]
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