Freddie Mac says 30-year fixed mortgage rates rose to their highest level in more than 20 years. This has made things tougher on homebuyers because of a lack of supply and demand.
Recent data shows 30-year fixed mortgage rates rose to their highest level in over 20 years, leaving plenty of homebuyers in a pinch.
"We’re still continuing to rent and I think we will continue to rent until we see a good drop in the numbers," said Shweta Sugnani, who’s looking to buy a house around western Washington. The average 30-year fixed mortgage rate was almost 2% higher this August than last August.According to Freddie Mac, the average rate for a 30-year fixed mortgage climbed above 7.2% in August, theThis time last year, it was just over 5.5%.
The average monthly payment for a $400,000 mortgage was $1,000 more this year than last year.Sugnani is willing to wait out the high interest rates… to an extent.
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