Housing Market Slumps As Mortgage Rates Top 7%
Posted by Cary W Porter on
- Sales of previously owned homes decreased 4.3% from the prior month.
- 30-year fixed mortgage jumped by nearly a quarter percentage point to 7.1%
The U.S. housing market is coming under renewed pressure, buffeted by mortgage rates that rose above 7% again and uncertainty over changes to the commission system for buying and selling a home.
The average rate on the standard 30-year fixed mortgage jumped by nearly a quarter percentage point to 7.1%, according to a survey of lenders released Thursday by mortgage-finance giant Freddie Mac. That is the highest level since late 2023 and the largest weekly increase in nearly a year.
Low inventory continues to fuel competition among area buyers in Western Washington However.…
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