Mortgage rates have reached their highest point in the past two decades, reaching an 8% mark.

This has led to a significant number of prospective homeowners postponing their plans due to these developments.

The average 30-year mortgage rate has increased from 7.63% to 7.79%, with the mean borrowing rate consistently above 7% for 11 weeks.

To alleviate the impact of increased interest rates, prospective homebuyers are increasingly drawn to incentives offered by homebuilders or adjustable-rate mortgages (ARMs).

However, it is important to note that these alternatives should be subjected to rigorous testing, especially considering the anticipated increase in rates.