The cost of buying a home just climbed again, and the Federal Reserve is offering little reason to assume quick relief. Freddie Mac reported October 8 that the average rate on a 30 year fixed mortgage reached 7.40%, up from 7.28% a week earlier and 6.30% a year ago. Reuters identified it as the highest reading since November 2023. That is a meaningful setback for buyers already trying to stretch their incomes across down payments, insurance, property taxes and expensive…
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Mortgages Just Hit 7.40%. Buyers Are Losing Purchasing Power, and the Fed May Raise Rates Again.
The cost of buying a home just climbed again, and the Federal Reserve is offering little reason to assume quick relief.
