Bad News For Home Owners

This is not good at all.

If you are looking to buy a home, you may want to wait a little while.

That’s because it appears that U.S. mortgage rates are up once again after they were declining for two straight weeks. This is resulting in the costs of homeownership going up for those who are looking to buy a home.

According to Fox, as a result potential homebuyers are now backing out of their deals and it’s making for less competition and is raising the number of home that are available on the market.

Freddie Mac’s latest Primary Mortgage Market Survey found that the average rate for a 30-year fixed-rate mortgage sits at 5.51% which is up 5.3% compared to last week. This same time last year home mortgage rates sat at an average of 2.88%

Freddie Mac’s chief economist explained, “Mortgage rates are volatile as economic growth slows due to fiscal and monetary drags. With rates the highest in over a decade, home prices at escalated levels, and inflation continuing to impact consumers, affordability remains the main obstacle to homeownership for many Americans.”