JRE - Mortgage Rates Rise; Buyers Remain On Strike; Housing Market Still Frozen As Prices Are Too High
2024-06-06 05:59:00 ET
Summary
- The over-7% mortgage rates seem to have become a fixture in the housing market.
- Mortgage applications to purchase a home dropped further in the latest reporting week.
- Volume of pending sales in April, an indicator of closed sales in May and later, dropped 7.7% from the prior month and by 7.4% from the already beaten-down levels a year ago, according to the National Association of Realtors last week.
Stuck with a 6% or 7% mortgage that was supposed to be refinanced? The Fed is counting on them to help bring inflation down. ...
Mortgage Rates Rise; Buyers Remain On Strike; Housing Market Still Frozen As Prices Are Too High