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Soaring mortgage rates already top those from 2021

Soaring mortgage rates are seen across the nation
Posted at 7:55 AM, Jan 07, 2022
and last updated 2022-01-07 14:24:17-05

CORPUS CHRISTI, Texas — Mortgage rates already have surpassed 2021 levels and they're not falling anytime soon.

The 30-year fixed-rate mortgage averaged 3.22 percent. And the National Association of Realtors estimates it will climb to about 3.7 percent by the end of the year.

Rates have been expected to rise as the economy improves and inflation looms.

And while this could make affording a home more difficult, it also cool the hyper-competitive housing market.