We all know that interest rates are rising, between the Fed raising their rates and the overall market slowing down. Every indication is that the housing market is not busting, but it is definitely slowing down.
See below for the USA Today article from yesterday. The general concepts are certainly not news to anyone, but their comparisons to previous highs and lows are interesting.
Freddie Mac, the mortgage company, says rates on 30-year, fixed-rate mortgages increased to a nationwide average of 6.80%, from 6.74% last week.
That’s the highest they’ve been since they stood at 6.81% the week of May 24, 2002.