House hunters are facing a fresh affordability crunch as mortgage rates hit 7% this week, marking their highest level in almost two years. The coming weeks aren’t likely to offer any relief, with some experts telling CBS News that borrowing costs could continue to rise. Rates are “far more likely to go up than down…
Mortgage rates soared past 7% last week, reaching their highest level in more than two years, according to data from the Mortgage Bankers Association. The 30-year fixed-rate mortgage rose to 7.12% the week ending Sept. 18, the MBA said. It was last that high in May 2024, according to the mortgage industry group. The higher…
Thomas Louis and his wife have tried everything to clinch a deal to buy a home: offering above the asking price, waiving inspections, and considering properties that tick some, but not all, of their boxes. Three years and 15 offers later, they’re still looking. This year’s sharp rise in mortgage rates, which are now approaching…
Mortgage rates have confounded house hunters this year by steadily ticking higher. That trend is likely to continue, according to economists, with some predicting rates will climb back above 7%. “We’re effectively there,” Mark Zandi, chief economist at Moody’s Analytics, told CBS News. “And rates could easily go over.” The average rate for a 30-year…
