The average 30-year mortgage rate increased from 3.22% in January to 7.08% by the end of October 2022, a nearly 400 basis point (4%) increase
Today 30yr is 6.6% still a major road block. Who wants to sell their house when they are sitting on a locked 2.25% rate pre 2022 and sign up for 5.47 15yr or 6.6 30? This drives rent higher and makes it impossible for FTB to get into housing market.