Mortgage Rates at 8% Make a Brutal US Housing Market Even Worse

[Aquaman]

Mortgage Rates at 8% Make a Brutal US Housing Market Even Worse

Seven straight weeks of rising borrowing costs are sideling more homebuyers. Shoppers forging ahead are trying to take advantage of a less competitive market.

 

Surging US mortgage rates are delivering a stark warning to would-be buyers: A brutal market is getting even more challenging.

Over the past two months, rates for 30-year mortgages have hurtled toward 8% by most measures. Affordability pressures are cutting into sales, with purchases of previously owned homes in September dropping to the lowest level since 2010, according to the National Association of Realtors.

 

More From Bloomberg

https://www.bloomberg.com/news/articles/2023-10-28/mortgage-rates-for-us-homes-are-surging-toward-8-and-crushing-market#xj4y7vzkg

[manadonga]

Supply and demand 

inka supply liw and demad is high 

it may take one more year to buyers market 

[Bulls_Rose]

But builders offering 4.5% majority of if we go for new home 

[Aquaman]

8 minutes ago, Bulls_Rose said:

But builders offering 4.5% majority of if we go for new home 

lot of restrictions , first it will be FHA loan not conventional. Downpayment % will be defined by the program and you ahve to agree all   clause favoring builder and their lender.  

[csrcsr]

1 hour ago, Aquaman said:

lot of restrictions , first it will be FHA loan not conventional. Downpayment % will be defined by the program and you ahve to agree all   clause favoring builder and their lender.  

No he is talking about conventional called buy down , read about 2-1 buydown and permanent buy down new builders are offering incentives 

[Konebhar6]

With stock markets dropping, purchasing power from people have reduced. Also their investments in stocks are stuck. Ppl won’t sell for loss.

high interest rates will force banks to tighten loan process and eventually all this will show up in housing leading to a crisis. Wait and watch. 
 

metropolis and established housing markets will have least or lesser impact.

[Android_Halwa]

The worst time ever to buy a house and the best time to rent for this generation…