Real Estate
Mortgage Rates Hit 7-Percent For 30-Year Fixed Rates
"I'm seeing on the buyer end, their buying power has diminished, but they're not facing as much competition either," Warren said.
October 28, 2022
Andre Warren's newest listing in Sherman Oaks hit the market this week, just as mortgage rates hit a high that hasn't been seen in more than two decades.
Find out what's happening in Orange Countyfor free with the latest updates from Patch.
With mortgage rates nearly doubling since the start of the year, the long-term cost for buying a house is now more difficult than its been in recent years.
The most popular loan, the 30-year fixed rate, is now at an average rate of 7.16, the highest it's been since 2001. That's the fastest mortgage rates have grown on record and experts believe that rate will likely increase in the next month.
Find out what's happening in Orange Countyfor free with the latest updates from Patch.
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