Mortgage Rates Soar To 22-Year Peak

As mortgage rates hit 7.31%, economists predict housing starts will spike in 2022. Low housing inventory and changing consumer behavior are causing buyers and sellers to hold out for better circumstances, while renting is emerging as a favorable choice for many. Prices are rising alongside mortgage rates, leading to a shortage of homes on sale and driving up prices. This has tipped the scales towards renting as the more economical choice in most major US markets.