As inflation keeps roaring mortgage rates are are moving up as the fed is increasing interest rates.
Another pre-pandemic metric has returned and looks like it’s here to stay: mortgage rates, Hope writes.
For the first time since May 2019, the 30-year fixed-rate mortgage exceeded 4% this week, Freddie Mac reported today.
The big picture: While a sharp uptick from a record low of 2.65% last January, the rate is still historically low.
The latest average was recorded before the Fed raised interest rates yesterday, but mortgage rates were already on the rise in anticipation.
By the numbers: The median price for a home was $277,000 the last time the 30-year mortgage rate topped 4%, according to the WSJ.
What to watch: How much impact higher rates might have on demand for homes, which are still at historically low inventory levels.Axios Closer By Hope King and Nathan Bomey ·Mar 17, 2022