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IPFS News Link • Housing

Through the roof! Rate on 30-year fixed mortgage increases to 7.14% - the highest since 2001...

• Daily Mail

-The mortgage rate has ticked back up over 7% as the flailing US housing market enters November

-Analysts are attempting to understand the coming market trends as the mortgage rate reaches record levels and the price of homes begins to level off

-Pandemic boomtowns, like Phoenix, Miami and Las Vegas, have experienced a nearly 50% decline in home sales

-As the Federal Reserve continues to boost the interest rate, one analyst says we are 'still deep in a market that is coping with the pains of high mortgage rates'

US mortgage rates ticked back up to 7.14 percent this week after a minor dip at the end of October - the highest rate the country has seen since 2001.

The US housing market has been in dramatic flux this year as the Federal Reserve tightened monetary policy in an attempt to quash inflation.

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