News

Homebuyers again retreat to the sidelines as higher rates crimp affordability

March 7, 2023/

Red and white "Home for Sale, Price Reduced" sign in front of a stone, wood house that is for sale. Green grass and bushes indicate the spring or summer season. Front porch and windows in background. Real estate signs in residential neighborhood. Moving house, relocation concepts.

At today’s rates, home prices would have to fall by 30% for homebuyers who are purchasing the median-priced home to have the same monthly payment they would have had a year ago.

Mortgage application volumes were 44% lower than the same week one year ago. The Refinance Index also decreased 6% from the previous week and was 74% lower than the same week one year ago as a majority of homeowners are already locked into lower rates.

“Data on inflation, employment, and economic activity have signaled that inflation may not be cooling as quickly as anticipated, which continues to put upward pressure on rates.”

 

Swapna Venugopal Ramaswamy USA TODAY


Click here to read the story.

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