NAR Chief Economist Lawrence Yun paints a picture of what could happen with borrowing costs once it passes a critical threshold.
Forced to slow down construction as buyer demand plummets, builders predict lower home starts through 2023.
There’s some encouraging news in NAR’s latest housing report, though sales of existing home are still falling amid economic uncertainty.
Despite an unexpected jump in new construction in September, demand for new homes is falling due to high prices and mortgage rates. Builders are lowering their asks to boost buyer traffic.
Buyers would be smart to shop around: The large dispersion in rate offerings among lenders could amount to several hundreds of dollars, Freddie Mac says.
Monthly mortgage payments are 60% higher than a year ago, according to NAR. Buyers can save by shopping around for different types of loans.