By Arlenys Tabare
Nov 22, 2024, 1:00 PM EST
30-year mortgage rates in the United States continue to increase, positioning themselves at 6.84% at the end of this week from 6.78% last week according to data recorded by Freddie Mac.
In this regard, Holden Lewis, housing and mortgage expert at NerdWallet, pointed out that Home sales had increased in October because mortgage rates fell below 6.25% in September giving the market hope for a change as buyers immediately took the opportunity to make successful offers.
However, if mortgage rates continue to rise, approaching 7% again, it is likely that both homeowners and future buyers will distance themselves from the market, this would again generate a lack of inventory and high property prices because In the case of homeowners, according to a Zillow survey, their mortgage rate is less than 5%.
On the other hand, The average rate of the 15-year fixed mortgage rose from 5.99% last week to 6.02% this weekalthough compared to last year it still remains below what was recorded.
Finally, this Thursday the National Association of Realtors also reported that despite the increase in mortgage rates compared to September, sales of existing homes increased 3.4%.
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