Keeping a Watch on Rising Rates
An analysis by NAHB Chief Economist Robert Dietz.
According to NAHB, Since the start of 2022, the benchmark 10-year Treasury rate (which often moves in tandem with mortgage rates) has increased from 1.51% to approximately 3.7% this morning. The average 30-year fixed mortgage interest rate, as measured by Freddie Mac, has increased even more, rising from 3.11% at the start of the year to 6.7% this week. Combined with higher construction costs and rising home prices, these market dynamics have pushed housing affordability to more than decade-lows.