A sale sign stands outside a condominium complex along Speer Boulevard Wednesday, Sept. 27, 2023, in Denver. On Thursday, Freddie Mac reports on this week's average U.S. mortgage rates. – Home loan borrowing costs rose for the fifth straight week, keeping the average long-term U.S. mortgage rate at its highest level in more than two decades and taking another bite out of prospective homebuyers' purchasing power.
High rates can add hundreds of dollars a month in costs for borrowers, limiting how much they can afford in a market already out of reach for many Americans. They also discourage homeowners who locked in rock-bottom rates two years ago from selling. The average rate on a 30-year mortgage is now more than double what it was two years ago, when it was just 3.05%.
“Though buyers have shown signs of adjusting to the higher-rate environment, limited inventory has kept home prices elevated, cutting further into the buying power of shoppers hoping to find a suitable home,” said Hannah Jones, senior economic research analyst at Realtor.com.
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