The average rate on a 30-year US mortgage increased for the second consecutive week, posing another challenge to the struggling housing market. The downturn can be attributed to stringent affordability constraints that are limiting potential buyers. This development comes as the sales slump deepens, further exacerbating concerns about the market’s resilience.
Source: https://www.businessreport.com/article/us-mortgage-rates-are-once-again-on-the-rise