Tuesday, 9 August 2022 | The Latest Buzz for the Appraisal Industry

Craig Crabtree: Housing Affordability Has Become a Major Issue

PERSON OF THE WEEK: Mortgage interest rates continued to rise this past week, with the average rate for a 30-year fixed-rate mortgage climbing to 5.54%, up from 5.51% the previous week and up significantly from 2.78% a year earlier, according to Freddie Mac.

Meanwhile, home prices have increased more than 20% on average during the past year, raising affordability concerns as more potential homebuyers get priced out of the market.

The result? Sluggish home sales

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