The ongoing rise in average mortgage rates is a key affordability issue for prospective homebuyers. As mortgage rates get closer to 5%, many consumers are rethinking their approach to buying a home, according to Redfin. Mortgage rates reached 4% in late 2017, and made their way past 4.5% just this month. Industry projections all point to similar patterns for the remainder of 2018, with interest rates expected to reach 5% by the end of the year.
Source: National Mortgage News