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Aug 29, 2023
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Mortgage Rates Reach 22-Year High, but Economists Are Optimistic

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Mortgage Rates Reach 22-Year High, but Economists Are Optimistic

For the week ending Aug. 24, rates for a 30-year fixed-rate home loan averaged 7.23%, a 22-year high, according to Realtor.com. While the latest uptick continues to erode affordability for prospective buyers in the for-sale market, housing experts such as Realtor.com economist Jiayi Xu say those rate hikes could decelerate in a cooler fall market.

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For the week ending Aug. 24, rates for a 30-year fixed-rate home loan averaged 7.23%, a 22-year high, according to Realtor.com. While the latest uptick continues to erode affordability for prospective buyers in the for-sale market, housing experts such as Realtor.com economist Jiayi Xu say those rate hikes could decelerate in a cooler fall market.
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