Showing posts with label Housing Market Stagnation(2023). Show all posts
Showing posts with label Housing Market Stagnation(2023). Show all posts

Friday, August 18, 2023

Bidenomics | U.S. Mortgage Rates Jump to Highest Level Since 2002

Title: Bidenomics | U.S. Mortgage Rates Jump to Highest Level Since 2002

Article Snip: "The average 30-year fixed-rate mortgage has climbed above 7 percent, making it harder for buyers to afford homes, which are already in short supply. ...mortgage rates began abruptly rising last year, when the Federal Reserve started lifting interest rates to rein in rapid inflation, the housing market has stagnated, as owners with low mortgage rates have been unwilling to put their homes up for sale. In June, sales of existing homes fell nearly 19 percent from the year before, according to the National Association of Realtors. ..."

Reference: www.nytimes.com