PHM - Mortgage Rates Soar Cash Buyers Score: The New Homebuying Playbook | Benzinga
Rising mortgage rates in 2023 drove the number of U.S. home loan applications to 28-year lows — but not all potential buyers were put off by rising costs, as cash sales became increasingly popular.
The average 30-year mortgage rate rose to 6.69% in the week to Jan. 25, according to data from mortgage brokerage Freddie Mac. That was up from 6.6% in the prior week.
Having dropped steadily from October’s 7.79% high on hopes of Federal Reserve interest rate cuts in the first half of 2024, mortgage rates have risen in three out of the last four weeks as doubts have begun to creep in about the timing and depth of anticipated rate cuts.
Also Read: Homebuilder Shares Hang In Balance As Credit-Stretched Consumers Await Rate Cuts
Cash Sales Growth
Therefore, for those who possess or can secure it, ...