Economists eye two possible scenarios: Rates could rise to 8% or higher by the end of the year, or they could stabilize. Know what to expect.
Persistent inflation is proving “quite harmful to the housing market,” says NAR Chief Economist Lawrence Yun.
Rising interest rates have increased the average monthly loan payment by a whopping $1,000 year over year.
Despite signs of a housing recession, some buyers will be back to try again.
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.