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Turning to the economy and sticker shock for would-be homebuyers. mortgage rates at the highest level in 22 years, hitting 7.23% for a 30-year fixed mortgage in the latest week. a year ago, that number was below 6%. part of the reason for the surge, the federal reserve s aggressive rate hiking to try to fight inflation. this week, federal reserve chair jerome powell said they are willing to raise rates even more. we are prepared to raise rates further if appropriate and intend to hold policy at a restrictive level until we are confident that inflation is moving sustainably down towards our objective. joining me is lawrence yoon, the chief economist for the national association of realtors. good morning. so you also say that mortgage rates could go even higher. what are you expecting? how high? ....
A new gallup poll found 46% of americans feel san francisco is not a safe place to live or visit. griff? griff: disturbing story. christina coleman, thank you. we ll follow that. aishah? aishah: well, mortgage rate averages are hitting their highest level since 2001. take a look at this, they re now reaching 7.23%, incredible. that is shutting many hopeful homeowners out there out of the market. for more on this, we re joined by madison ventures plus principal mitch roschelle. mitch, thanks so much for joining us. this is so painful to hear about but also so painful for folks out there that just want to achieve the american dream. i want to put up really quickly this chart that shows how we got here. so there we are at now 7%, over 7%, for a mortgage rate. we re just about two years ago, i shed a tear, because i m looking at 2 or 3 or 4%. ....
Good thing. mortgage rates at a painful 7.23%. this is the highest the 30-year fixed rate mortgage has been since june of 2001. the federal reserve s inflation-curbing campaign has sent home affordability to its lowest level in decades. buying a home is more expensive due to rising prices and lower inventory. and fed chair jer voem powell hints at more bad news for borrowers. the economy is growing, and americans are spending as expected, and that s good news, but it s also fueling inflation. we explain. during this major speech at jackson hole, fed chair jerome powell acknowledged inflation has slowed, but powell has stressed inflation is still high ....
Going higher, what s a builder to do? how about shrink the size of the home? madison alworth has more. madison. reporter: neil, if you have the dream of getting a new home which may feel like a long shot at times in this market, you might need to think smaller. the freddie mac 30-year fixed rate sitting at. 7.23% and the median house price above $400,000. buyers are turning to smaller homes. on average, our homes are shrinking. since 2018 the average size unit for new housing starts is down 10% nationwide. home builders are choosing to build smaller to help people get through the door of their new home. a builder in indiana is now offering their smallest home yet, and it s selling. we have typically built almost all of our homes would be between 3-5 bedroom homes, 4 and 5 bedrooms would be more ....