Mortgage rates are still hovering around record lows, but that isn’t making buying a home cheaper for many people any longer.
The 30-year fixed-rate mortgage averaged 2.93% for the week ending Sept. 3, rising two basis points from the week prior, Freddie Mac reported Thursday.
The 15-year fixed-rate mortgage fell four basis points to an average of 2.42%. The 5-year Treasury-indexed hybrid adjustable-rate mortgage rose two basis points to 2.93% on average.
“Low mortgage rates remain a potent fuel, driving demand and keeping purchasing activity rolling,” said George Ratiu, senior economist at Realtor.com. “However, fast-shrinking inventory and aggressive price gains are combining to outrun buyers’ ability to afford a home as we head into the cooler season.”
As mortgage rates fell to record lows, that provided incentives to would-be buyers, prompting home sales to hit volumes last seen prior to the Great Recession. But today’s home buyers aren’t necessarily scoring