US average mortgage of 30-year rates hit a record high of 7.16%, the highest in the last two decades— Reuters confirmed.
Today, October 26, the 30-year rate is locked at 7.22% after a 6-bps increase from last week.
The average contract rate of a 15-year fixed rate yields 6.44%, after a jump of 7 bps from last week.
The 30-year fixed mortgage rate is almost doubled from January 2022.
Federal's push for a rate hike to tackle the growing inflation is mounting pressure on the mortgage rates.
Borrowers need to pay more for each bps hike; a weak employment rate may worsen the situation.
Ahead of November's first week meeting of the Federal, experts forecasted a 4th-time hike of rates for another 75 bps.
Booming rates decrease the mortgage application at the lowest growth.
The 30-year fixed contract rate was 7.70% yesterday.
However, some property dealers may offer you an undervalued asset; borrowers can get a house in a posh area at a low price.