This week, mortgage rates in the U.S. reached a 16-year high in response to rising interest rates.
, 30-year fixed mortgage rates have been remarkably low these past two years specifically, floating between 2.5% and 3.5% between 2020 and early 2022.
"Few could have predicted exactly how far and how fast they have risen," economist Matthew Speakman from Zillow told ABC News in an email Wednesday. Additionally, the effect rising mortgage rates have on potential home buyers is complicated. Higher mortgage rates usually reduce demand, which reduces the sticker price of homes. While home prices are, they are not coming down as much as one would expect with today's mortgage rates.
It is these high prices, combined with high interest rates, that are a dilemma for many prospective buyers.
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