REIT - Mortgage Pain Has Not Peaked Yet
2024-04-24 12:10:00 ET
Summary
- Despite spring market optimism, US Home sales in March posted their most significant decline in more than a year.
- In Canada, where fixed mortgage rates are back above 5%, March home sales and prices were mostly unchanged month-over-month.
- Oxford Economics forecasts that mortgage payments will increase by another 6% to $156 billion by the end of 2024 and 18% to $173 billion by the end of 2027.
Despite spring market optimism, US Home sales in March posted their most significant decline in more than a year (-4.3% month-over-month–largest monthly decline since November 2022) as 30-year fixed mortgage rates moved back above 7% from just over 6% in early February. See Housing Market Slumps as Mortgage Rates Top 7%. Also, see, This could be the year the home improvement boom fizzles out ....
Mortgage Pain Has Not Peaked Yet