Why It Would Be Harder to Buy a Home Now? Mortgage Rates Rise in the U.S.
· Telemundo McAllen (KTLM)
The average long-term mortgage rate in the U.S. has risen to nearly 6.5%, increasing borrowing costs for potential homebuyers. The 30-year fixed mortgage rate climbed to 6.49% from 6.43% last week, while the 15-year fixed rate also increased to 5.82%. These higher rates have contributed to a decline in home sales this year, with existing home sales showing only a 0.7% increase in the first half of 2023 compared to the same period in 2022. Economic uncertainty, particularly due to rising inflation and geopolitical tensions, continues to impact buyer confidence in the housing market.
AI summary · Source: Telemundo McAllen (KTLM) →
