Mortgage Rates Rise to Nearly 7%, Causing Concern as Housing Market Enters Seasonal Lull

Mortgage rates have climbed back near October's peak of 7.37% for a 30-year fixed-rate mortgage.
Higher mortgage rates are making home purchases more expensive, slowing demand.
With limited housing inventory, experts disagree on whether higher rates will cause further home price declines after 2022's mild correction.
Adjustable-rate mortgages may provide some payment savings now, but carry risk of higher future rates.
While still low historically, mortgage rates are more than double pre-pandemic levels, presenting challenges for homebuyers.