Mortgage rates leap to 22-year high

FOX Business correspondent Madison Alworth shares why for many first-time homebuyers, the American dream is delayed as a result of high mortgage rates and home prices on Varney and Co.

The average rate on the benchmark 30-year fixed mortgage rose again this week to the highest level since 2001, spelling even more pain for buyers in a market whereFreddie Mac's latest data released Thursday shows the average rate for a 30-year fixed note has climbed to 7.23%, marking a second consecutive multi-decade record afterA house is for sale in Arlington, Virginia, on July 13, 2023. The average rate for a 30-year fixed mortgage reached the highest level in 22 years this week.

Homes in Rocklin, California, on Dec. 6, 2022. U.S. homeowners who locked in at low interest rates are balking at selling their homes as rates rise, contributing to the shortage of inventory.aggressive interest-rate hike campaign sent mortgage rates soaring last year, and homeowners who locked in a low mortgage rate before the pandemic have been reluctant to sell and jump into a higher rate on a new property, leaving few options for buyers.

Homes under construction in Sacramento, California, US, on Monday, July 3, 2023. Existing home sales fell last month, but the sale of new homes rose. Realtor.com chief economist Danielle Hale said recent data on housing has been mixed, with existing home sales dropping last month while

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