US Mortgage Rates Rise, Affects Housing Market

New Thursday afternoon, US mortgage rates have climbed to their highest in 23 years at 7.49%.

A year ago, the 30-year fixed rate was 6.66%.

There are several factors, from inflation to uncertainty, and economists say it's having an effect on demand.

In fact, purchase applications are at their lowest level since 1995 according to the Mortgage Bankers Association.

Real Estate Expert Libby Beaubien from Keller Williams Realty Advantage told News On 6 how this is affecting the local market.