Mortgage rates have been rising. A certain phrase is often repeated by real estate professionals. Homeownership is a long-term commitment. Some people who bought homes in recent years may be waiting for lower rates to refinance.

Average mortgage rates are higher now than they were a year ago. The current rate for a 30-year fixed mortgage is notably high.

Further information is available from the source, including details about the current mortgage rate and its impact on homeowners.