Mortgage Rates Continue to Climb Up
March 2, 2023
As we started the year, the 30-year fixed-rate mortgage decreased with expectations of lower economic growth, inflation and a loosening of monetary policy. However, given sustained economic growth and continued inflation, mortgage rates boomeranged and are inching up toward seven percent. Lower mortgage rates back in January brought buyers back into the market. Now that rates are moving up, affordability is hindered and making it difficult for potential buyers to act, particularly for repeat buyers with existing mortgages at less than half of current rates.
Below are the Historical Highs and Lows
On October 21, 1981 the survey said 18.39% on a 30-Yr FRM
On December 24, 2020 the survey said 2.66% on a 30-Yr FRM
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