This past year, rising mortgage rates have slowed the red-hot housing market. Over the past nine months
, we’ve seen fewer homes sold than the previous month as home price growth has slowed. All of this is due to the fact that the average 30-year fixed mortgage rate has doubled this year, severely limiting homebuying power for consumers. And, this month, the average rate
for financing a home briefly rose over 7%
before coming back down into the high 6% range. But we’re starting to see a hint of what mortgage interest rates could look like next year.