Mortgage Rates

The US Housing Market Is Being Transformed by 7% Mortgage Rates

7% Mortgage Rates Reshape the US Housing Market

Receding expectations for the Federal Reserve to lower interest rates in the coming months are keeping US mortgage rates around 7%, more than double what they were three years ago. This prolonged high-rate environment is slowly but surely transforming the housing market. “Homeownership is becoming less of a middle-class dream and more of an aspirational

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A 4% Decline in Pending Sales Follows a Surge in Home Prices to Record Highs

Record High Home Prices Lead to 4% Drop in Pending Sales

Prices continue to rise due to this spring’s lower-than-usual inventory. The slight silver lining for buyers is that mortgage rates have decreased slightly. The median U.S. home sale price reached a record $387,600 during the four weeks ending May 19, up 4% from a year earlier. Weekly average mortgage rates dipped to 7.02% from a

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