In June, 30-year fixed mortgage rates hit 5.78%, the highest level since November 2008 and well above the 3.11% recorded near the end of last year. This is due to the Fed’s efforts to combat inflation by raising rates. A 6% mortgage rate isn’t high by historic standards as rates hovered between 5% – 7% during much of the decade before the financial crisis, but a return to more normal lending rates has slowed the residential real estate market.

by Laura Fox