Housing market in trouble, mortgage rates double from 2021
(KYMA, KECY/ CNN) - Bad news for the housing market with the latest figures showing mortgage rates have hit a 20-year high.
According to Freddie Mac, in the week ending Thursday, the average rate for a 30-year fixed-rate mortgage was 6.92%.
That's the highest average rate since April 2002 - and more than double what the rate was a year ago.
The Federal Reserve has been hiking interest rates to combat rising inflation and that has caused concerned investors to make moves impacting the mortgage rates.
Freddie Mac's Chief Economist warns the next several months will undoubtedly be important for the economy and the housing market.
He notes home sales are already dropping and prices are cooling.
