The US 30-year fixed mortgage rate has risen to 8%, its highest level since 2000. This represents a significant increase from 5.13% one year ago. Rates have been steadily increasing since late May, when they first crossed above 6.5%. This surge reflects broader shifts in the macroeconomic environment due to the Federal Reserve’s aggressive interest rate hikes. This rise in mortgage rates is making it more difficult for prospective home buyers to enter the housing market, creating additional financial stress. The outlook for the housing market is now challenged, with further Fed actions to tame inflation potentially placing further pressure on affordability. #USMortgageRates #MortgageRateIncrease #InterestRates #HousingMarket
You can read more about this topic here: Watcher Guru: US 30-Year Fixed Mortgage Rate Rises to 23 Year High
