Mortgage interest rates in the US have reached their highest level since 2002, putting pressure on buyers who are already facing high costs and a shortage of real estate, according to mortgage loan company Freddie Mac.
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This indicates that the interest rate on a 30-year fixed-rate mortgage reached 7.09% this week. The last time this rate exceeded the 7% limit was in November 2022.
The current interest rate “will make it even more difficult for potential buyers to afford a new home,” explained economists at Oxford Economics.
A year ago, the 30-year fixed-rate mortgage loan interest rate in the US was 5.13%, but at the end of 2020 it was below 3%.
Analysts say the housing market in the US has faced tough times, given the sharp rise in interest rates in recent months, which has deterred homeowners from putting their properties up for sale. Given the lack of availability of existing housing in the market, buyers are forced to turn to the new property market.
2023-08-18 08:55:11
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