Freddie Mac announced the 30-year fixed-rate mortgage averaged 7.09% as of August 17, 2023.

The week before mortgage rates averaged 6.96%. The current level is the highest in more than 20 years.

Good news – so far- the higher interest rates don’t seem to be discouraging home buyers.  Potential sellers sitting with 3% mortgage rates are more likely to wait until rates drop- leaving us with a smaller inventory of properties to sell.

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