Mortgage Rates Skyrocket, Freezing Buyer Market.

Mortgage rates have surged to their highest levels in over two decades, causing a dramatic slowdown in home sales across the United States. With 30-year fixed rates hovering above 7%, affordability has become a significant issue, leaving many prospective buyers side-lined. This rate hike, driven by the Federal Reserve’s ongoing battle against inflation, is also impacting refinancing options, making it difficult for homeowners to lower their monthly payments. The cooling housing market is expected to persist as long as rates remain elevated.