Rising mortgage rates have taken both buyers and sellers on an emotional roller coaster this year. In early January, the 30-year fixed mortgage rate was 6.45%, according to Mortgage News Daily, and trended upward throughout the course of the year, peaking at 8.03% in mid-October.
Even though some economists and housing market experts at the time predicted that 8% mortgage rates were here to stay, the market has shown otherwise. Today, average mortgage rates stand at 7.07%, Mortgage News Daily data shows. The drop in rates hasn’t only benefited buyers and sellers, but mortgage brokers, too.
