Q&A About Mortgage Rates With Economist Orphe Divounguy
By KIMBERLEY HAAS With the average mortgage rate hitting over 7% for the first time in 20 years, people are talking about what the 2023 housing market will look like. Freddie Mac reported Thursday that their Primary Mortgage Market Survey found the 30-year fixed-rate mortgage averaged 7.08%, up from 6.94% the week prior. A year ago at this time, the 30-year FRM averaged 3.14%, and in 2021, existing-home sales hit 6.12 million, their highest level since 2006. Zillow’s Home Value and Sales Forecast now calls for 5.2 million existing home sales in 2022, up slightly from September’s expectations for 5.1 million sales following a better-than-expected August. The outlook from there is cloudier and recent declines in mortgage applications and pending home…