The average rates for fixed mortgages continued their upward climb this week, accompanied by a marked rise in demand for adjustable loans as consumers seek relief from record-high monthly payments. Freddie Mac's latest Primary Mortgage Market Survey released Thursday shows that the average rate for the benchmark 30-year fixed-rate mortgage hit 7.57% this week, up from 7.49% last week and 6.92% a year ago. The rate for a 15-year fixed mortgage also rose, averaging 6.
Housing affordability in the U.S. reached an all-time low over the summer, and has continued to get worse as mortgage rates rise and home prices remain high due to a lack of homes for sale as more homeowners who are locked in a lower interest rates stay put rather than sell. As more would-be buyers continue to be priced out of today's expensive market, many are holding off on making a purchase until they can afford to do so.
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