(WWLP) – Mortgage rates have moved even higher in the last week as home prices continue to go up.
Experts say there is a supply and demand issue. There is a lot of demand out there but supply is running at an all-time low.
The median price for an American home is up nearly 20 percent in a year. Mortgage rates set more than a dozen record lows in 2020 and hovered around those lows throughout 2021. Soaring inflation is also to blame.