Higher mortgage rates are putting pressure on homebuyers in a challenging housing market. Rates have surged past 7%, with predictions of staying in the 6% to low 7% range. Buyers are advised to focus on improving credit scores, negotiating, considering homes needing work, setting a budget, and taking time in the buying process. Continue to full article...
High Mortgage Rates
New listings deficit narrows to ↓ 1.2% yearly in October, signaling a recovery from the severe shortage. Despite mortgage rates hitting 8%, competition remains strong, with listings selling in 16 days on avg. Monthly mortgage payments ↑ >4% MoM, driven by the 23-yr high rates....