Is it becoming more expensive to buy a house?

It’s getting more expensive to finance a house. Mortgage rates went up for a third week in a row.

The average 30-year fixed rate now sits at 6.5%, but last week, it was 6.32%. At this time last year, the rate was below 4%.

Rates have been a little all over the map lately. They eclipsed 7% in November, before trending downward, and lately they have been on the rise again. That’s likely to continue as the Federal Reserve has said it plans to raise interest rates until inflation is under control.

While mortgage rates aren’t directly tied to the Fed’s daily rate, they are heavily influenced by it.

Categories: National News