Mortgage Rates Exceed Six Percent

September 15, 2022

Mortgage rates continued to rise alongside hotter-than-expected inflation numbers this week, exceeding six percent for the first time since late 2008. Although the increase in rates will continue to dampen demand and put downward pressure on home prices, inventory remains inadequate. This indicates that while home price declines will likely continue, they should not be large.

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 Sal Soriano, REALTOR

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AVERAGE COMMITMENT RATES SHOULD BE REPORTED ALONG WITH AVERAGE FEES AND POINTS TO REFLECT THE TOTAL UPFRONT COST OF OBTAINING THE MORTGAGE. VISIT THE FOLLOWING LINK FOR THE DEFINITIONS. BORROWERS MAY STILL PAY CLOSING COSTS WHICH ARE NOT INCLUDED IN THE SURVEY.

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