Mortgage Rates Edge Up Slightly, Testing Patience of Buyers and Sellers

Mortgage rates are creeping back up, nudging off recent lows and keeping would-be homebuyers on edge. According to a recent survey, the average rate on fixed mortgages up to thirty years jumped to 6.12%, just above last week’s 6.08%. A year ago, that same rate was a staggering 7.49%.

This comes after the federal government reduces interest rates which many Americans saw as a means for combating rising costs for housing, with many hoping that mortgage rates would be the next to be reduced in the wake of a price surge that is leaving many Americans unable to consider even buying a home. Many potential buyers and sellers are stuck in a holding pattern, hoping rates will dip again. With 80% of current mortgage holders enjoying rates below 5%, as a Zillow survey reports, there’s hesitation to make any moves. As the housing market watches for any signs of relief, it’s clear that the waiting game is far from over.