Mortgage rates continued climbing today to 6.96% from 6.90%. Rates are just a sliver below 7% and will make it difficult not only for home buyers but also sellers considering a move.
This news is coupled with today’s data from NAR on Metro Home Prices. The data shows good news for homeowners but a harder truth for buyers: home prices increased in 60% of metro areas. Affordability challenges will continue for buyers if new inventory is not brought to the market and rates do not abate.