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30-Year Mortgage Rate Increase to 7.09%

    Residential Real Estate Update

    30-Year Mortgage Rate Increase to 7.09%

    The average long-term mortgage rate rose last week to its highest it has been in 20+ years.  This is the fourth straight week increase for the average rate and the highest since April, 2002 where the average was 7.1%. 

    Demand has been impacted by affordability where low inventory remains the main culprit of staggering home sales.  Furthermore, the lack of residential inventory is also a huge factor why residential sales are down roughly 23%  through the first half of 2023.

    Need help navigating the current real estate market? Contact a Kerber Agent at (419) 874-9100 or