The inventory of homes on the market declined for the third month in a row. Some 1.22 million homes were for sale by the end of October, down 0.8% from September, the NAR said.
The housing market has slowed as U.S. mortgage rates have more than doubled from a year ago, shrinking the buying power of Americans. That can add hundreds of dollars to monthly mortgage payments, and also discourage homeowners who locked in an ultra-low rate the last couple of years from buying a new home. It’s part of the reason that there are fewer homes on the market.Mortgage rates are likely to remain a significant hurdle for some time as the Federal Reserve has consistently signaled its intent to keep raising its short-term interest rate in its bid to squash the hottest inflation in decades.
While mortgage rates don’t necessarily mirror the Fed’s rate increases, they tend to track the yield on the 10-year Treasury note. The yield is influenced by a variety of factors, including expectations for future inflation and global demand for U.S. Treasurys.
Source: News Formal (newsformal.com)
Just wait till the next Capitalist created crisis....the prices will be 10 times higher. Save America eat the Super Wealthy today!!!
Who wants to pay double price, plus interest, for a house that isn't worth it? Nobody I know.
lol no one wants a 7% interest rate
MONEY is very expensive. Could that be a factor? Yes, I know. What The Fed wants?
Artificially cooled off, will boom as soon as interest rates begin to normalize
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