The increase extends the 2022 surge in mortgage rates. The rise is hardly shocking, given the record low rates reached in the pandemic period and concerns about high U.S. inflation readings. But it has been faster than many analysts expected. At the beginning of the year, the average rate on America’s most popular home loan was 3.22%.
Over time, higher mortgage rates typically slow home-buying activity. But for now, there are ample signs that the U.S. home boom, featuring surging prices, ultra-low inventories, and persistent demand around the country, is far from over. (Wall Street Journal)