Interest Rates Up for a fourth straight week.

The average 30-Year Mortgage Rate rose again this week to 6.94% making it the fourth week in a row that rates have climbed. Reports show stronger-than-expected inflation is responsible for driving the rates upwards.

As interest rates continue to climb, buyers can end up seeing hundreds of dollars added to their monthly payment which in current conditions is already almost unaffordable for most homebuyers.

Existing property owners who purchased a few years ago at lower rates (some below 3%) are discouraged from selling even though their property values may be higher. Even if you sell your home at double or even triple what you purchased it for, you’ve got to invest in another home or property at today’s prices and the interest rate will be much higher than the rate on your current home. – Rafael Amador

Though still pretty high when it comes to a mortgage interest rate, it is worth noting that the current rate remains down from the 23-year high of 7.79% seen in October 2023. As the home buying season ramps up, it will be interesting to see how the market reacts and how long listings sit on the market once they are made available.

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