Mortgage interest rates have climbed over 7% again after the latest rate hike from the Federal Reserve, according to Freddie Mac.
Freddie Macs Primary Mortgage Market Survey results, released Thursday, show an average 30-year fixed mortgage rate of 7.08%, up from 6.95% the week before.
“The housing market is the most interest-rate sensitive segment of the economy,” said Sam Khater, the housing finance corporations chief economist.
“The impact rates have on homebuyers continues to evolve,” Khater said. “Home sales have declined significantly and, as we approach year-end, they are not expected to improve.”
Rising interest rates slowed the housing market this year, with existing home sales falling for eight months straight through September, according to the National Association of Realtors.
