Homebuyers face the highest mortgage rates in two decades, a new report shows, as elevated borrowing costs have slowed sales in Southern Nevada and around the country this year.
The average rate on a 30-year mortgage was 6.92 percent as of Thursday, up from 6.66 percent last week and 3.05 percent a year ago, mortgage buyer Freddie Mac reported.
Mortgage rates have now reached their highest level since April 2002, Freddie Mac chief economist Sam Khater said in a news release.
Overall, strong job and wage growth are “keeping consumers’ balance sheets positive,” but “lingering inflation, recession fears and housing affordability are driving housing demand down precipitously,” he said.
