Mortgage rates climb higher, triggering home price drops

The average rate for a 30-year fixed-rate mortgage increased to 6.29% for the week ending Sept. 22. This is up from last week when it averaged 6.02% and is significantly higher than last year when it was 2.88% The 15-year mortgage rose to 5.44%, up from 5.21% last week and up from 2.15% last year. The National Association of Homebuilders’ confidence worsened for the ninth straight month, with sentiment falling to 46 in September.

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