Much has been said about the rise in mortgage rates over the past few weeks. Market participants are worried that the Fed's actions are not working, and that this will impede already fearful potential homebuyers from making purchases. Below is a historical chart of the national average 30-year fixed mortgage rate. After making a ten-year low in late April at 4.85%, rates have jumped 50 basis points to 5.35%. The jump is significant, but 5.35% is still extremely low compared to the 10-year average. Unfortunately, the direction of rates seems to impact consumer psychology more than the actual level.
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