US President Joe Biden is facing criticism after incorrectly stating that mortgage rates in the US are currently “falling”. President Biden made this claim earlier this year.
However, the most recent data shows that mortgage rates have actually risen above 7% for the first time since early December. According to the Mortgage Bankers Association, the contract rate on a 30-year fixed mortgage increased by 19 basis points in the week ending Feb. 16, reaching 7.06%.
“Potential homebuyers are very sensitive to these rate changes, as affordability becomes more difficult with both higher rates and higher home values in this market with limited supply,” said Mike Fratantoni, the chief economist at MBA.
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