Fed chair says interest rate hikes will continue
Federal Reserve Chair Jerome Powell appeared before the Senate Banking, Housing and Urban Affairs Committee.
LEARN MOREPosted: 2:40 p.m. EST Mar 9, 2023
Mortgage interest rates are approaching their 2022 peak. Freddie Mac reported Thursday that the average rate for a 30-year mortgage is now 6.73%.
That's an increase from the previous week, when interest rates averaged 6.65%.
"Mortgage rates continue their upward trajectory as the Federal Reserve signals a more aggressive stance on monetary policy," Freddie Mac said.
In 2022, mortgage rates saw a sharp increase. They peaked in October and November, when they hit 7.08%.
Reacting to the interest rate increase, Nadia Evangelou, senior economist and director of real estate research for the National Association of Realtors, noted that buyers may be able to get a better price for their home as there is less competition in the market.
She added that spring is usually the time of year when more homes go up for sale.
"Inventory remains tight, but there are typically about 60% more new listings during March and August than the rest of the year," she said.
The median price for a home in the U.S. is currently $349,000, according to the National Association of Realtors.
