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High mortgage rates are deepening a ‘K-shaped’ housing market
- The average 30-year fixed mortgage rate hit 7.4% this week, according to Freddie Mac data released Thursday, marking a significant jump from 6.27% last year and deepening affordability challenges.
- TD Securities data shows a growing divergence in homebuying intentions this year, with high-income Americans increasingly likely to buy while lower-income consumers struggle to keep pace.
- Mortgage applications fell 16% last week compared to one year ago, per the Mortgage Bankers Association data released Wednesday, while cash sales accounted for 27% of September transactions per the National Association of Realtors.
- In Los Angeles, real estate agents Brock Harris and Lori Harris report loan-dependent buyers are stepping back from the market, while eXp Realty saw a higher-than-usual deal cancellation rate after rates crossed 7% last month.
- Builders are leaning on mortgage rate buydowns and other incentives to attract buyers as bond yields remain volatile amid investor expectations of further Federal Reserve rate hikes to combat inflation.
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In today's real estate market, there is a growing gap between those who have resources and those who do not.
High mortgage rates are deepening a ‘K-shaped’ housing market
By Samantha Delouya, CNN (CNN) — In today’s housing market, there is a growing divide between the “haves” and the “have-nots.”The typical homebuyer faces mounting affordability challenges as home prices rise and inventory remains limited. Adding to the pressure: The recent surge in mortgage rates is making the decision to buy a home even more
·Panama City, United States
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Leaning Left0Leaning Right0Center9Last UpdatedBias Distribution100% Center
Bias Distribution
- 100% of the sources are Center
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C 100%
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