Mortgage Rates Keep Climbing as Housing Market Crisis Worsens

Mortgage rates continued climbing this week, adding pressure as home affordability decreases. The 30-year fixed rate rose to 7.63%.

The 15-year fixed mortgage rate also increased, now averaging 6.92% compared to 6.23% a year ago.

Home affordability continues declining with high prices but low supply while rising rates increase payments.

Though rates normally cause price drops, prices remain high due to low inventory as homeowners with low rates stay put.

Home prices rose for the 3rd straight month in September while sales fell for the 6th consecutive month, underscoring the worsening housing crisis.