. The 30-year fixed-rate mortgage averaged 7.08% in the week ending November 10, up from 6.95% the week before, according to Freddie Mac. A year ago, the 30-year fixed rate stood at 2.98%. Mortgage rates have risen throughout most of 2022, spurred by the Federal Reserve’s unprecedented campaign of hiking interest rates in order to tame soaring inflation.
That has pushed many buyers out of the market and those who remain may need to look at a lower price point or make compromises on the location, size, or condition of a house in order to find one that is affordable. “The key to making a good decision in this challenging housing market is to be laser focused on what you need now and in the years ahead, so that you can stay in your home long enough that buying is a sound financial decision,” said Danielle Hale, Realtor.com’s chief economist.
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