Reported about 1 month ago
Mortgage rates have increased for the fourth consecutive week, reaching 6.54% for a 30-year fixed mortgage, while existing home sales hit a 14-year low. Chief economist Danielle Hale notes that many consumers were caught off guard by the rising rates, which are influenced by recent job market trends. As a result, new homebuyers are withdrawing from the market, leading to resilient home prices that are unlikely to drop significantly without increased construction.
Source: YAHOO