Mortgage Rates Impacting Home Sales

Mortgage rates moved demonstrably higher last week with mortgage applications dropping by more than 5% as a result according to the Mortgage Bankers Association.

The 30-year fixed rate for conforming loans rose to close to 7%, getting close to last year’s high interest rates.

Consumers are concerned about inflation and personal debt.

The residential real estate market will likely be impacted as the United States enters into the summer season.