Mortgage Rates Soar, Home Sales Plunge as Housing Market Stalls
Mortgage rates have reached their highest level in three weeks, pushing home sales to new lows. The 30-year fixed-rate mortgage averaged 6.89% for the week ending May 29, according to Freddie Mac. This increase is attributed to volatile financial markets stifling the housing market. The Mortgage Bankers Association reports that higher mortgage rates have reduced … Read more