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Mortgage rates exceed 7%, pressuring prices
The housing market isn't helping America's affordability woes. In order to offload homes in an otherwise stagnant market, sellers started lowering prices even before the average 30-year fixed-rate mortgage reached 7.03% on Thursday. Last month, sellers slashed prices on nearly one in five homes for sale — more than any other month since 2020. Economist Lawrence Yun urges homeowners considering a sale to accept elevated rates as the "new normal." A rate of 7% historically represents a psychological barrier for buyers pushing budgetary limits.
America’s housing affordability crisis is entering another difficult phase as mortgage rates climb back above 7% and sellers increasingly cut asking prices to attract buyers. The average rate on a 30-year fixed mortgage reached 7.03% on Thursday, creating...
