Mortgage Rates Hit One Year High at 6. 69% as Home Sales Fall The US housing market is careening towards crisis mode, with existing home sales falling 1. 7% in July and prices continuing to soar to unprecedented levels.
The benchmark 30 year fixed mortgage rate has hit its highest point in over a year at 6. 69%, making it increasingly difficult for prospective buyers to secure financing.
Home prices have risen on an annual basis for 37 months straight, with inventory levels remaining woefully low – just a 4. 6 month supply of homes available at current sales rates.