This is not good.
Mortgage rates across the country are rising due to inflation. This new record has not been broken in over 22 months with mortgages surpassing this record. The new mortgage prices are discouraging individuals from buying homes.
Mortgage rates are on the climb and more people than ever are not buying homes because of this. These rates are far higher than they normally would be which is causing individuals to not buy homes and wait for the market to go back to normal. Many individuals should stay away from buying a house.
Experts have stated that buying a home now would not be very beneficial and could potentially be a financial mistake. Individuals should wait for mortgage rates to go down before buying a home.