Mortgage rates hit a 22-year high

Green Escrow | Real Estate Market News

Not the best news for homebuyers: mortgage rates rose to 7.23%; median listing prices increased by 1.1%; new listings dropped by 5.7%; and the average time on market for a listed home increased by 4 days.

So what’s the good news? While the average time on the market increased – for the 57th week in a row year over year –  this increase is less than in 2022.

The hope is that Fall 2023 will see more movement.

And the rates keep climbing…

Green Escrow Services | American economy

As of August 22, 2023, the average 30-year fixed mortgage interest rate stood at 7.62%, up from 7.51% just a week before.

The hope is that as inflation continues to slow down and eventually decline, the Fed will stop raising rates and – hopefully – cut them.

Certainly, the rest of 2023 is going to be volatile but Fanny Mae is expecting the average 3–year fixed mortgage rate to be around 6.6% at the end of the year.