This Week Ahead: Mortgage Rates August 21, 2023
The housing market is facing some serious challenges as mortgage rates remain high, home prices soar and inventory shrinks. Here are some of the key trends and events to watch for this week: Mortgage rates. The national average 30-year fixed mortgage rate crossed the 7% mark in the third week of August, rising to 7.09% the week ending August 171. This is the highest level since October 2022, when rates briefly spiked to 7.16%. The Federal Reserve has raised its benchmark interest rate twice this year, and is expected to hike it again before the end of 2023, putting more…