“Mortgage rates jumped to their highest level in more than two decades, making home-ownership even less affordable for many would-be buyers.
“The average interest rate on a 30-year, fixed-rate home loan climbed to 7.09% this week, according to mortgage giant Freddie Mac. That’s the highest it’s been since April 2002 and comes after the Federal Reserve has raised interest rates aggressively in a bid to fight inflation.
“Mortgage rates have more than doubled in the last two years, sharply raising the cost of a typical home loan.
“The monthly payment on a $350,000 house today, assuming a 20% down payment, would be $1,880, compared to $1,159 in 2021, when interest rates were below 3%.”
Read more at NPR
