Amid consecutive federal rate hikes, mortgage rates have soared to record highs in 2022. According to Freddie Mac, the average 30-year, fixed-rate mortgage rose to 7.08% for the week ending November 10, 2022. Housing experts believe mortgage rates will average around 5% to 6% in 2023, and some think it will hit higher.
Consequently, consumer confidence in the housing sector has dropped drastically. According to a monthly survey by Fannie Mae, in October, just 16% of consumers opined that now is an ideal time to buy a home.
