Redfin projects mortgage rates may not fall until early to mid-2023
Red-hot mortgage rates are giving home buyers and sellers cold feet. About 17% of homes that went under contract with real estate brokerage Redfin last month were called off.
The technology-powered real estate firm reported that approximately 60,000 deals fell through in September, marking the “highest share on record aside from March 2020,” the same month the World Health Organization declared the coronavirus pandemic.
Redfin Economics Research Lead Chen Zhao said the housing market is at “another standstill” although it’s completely different from the early days of the pandemic.
“Demand is slumping due to surging mortgage rates, but prices are being propped up by inflation and a drop in the number of people putting their homes up for sale,” Zhao said.
It’s forcing many to stay put especially if they locked in “a rock-bottom mortgage rate during the pandemic,” he added. As a result, deals are falling through and buyer completion is waning, according to Redfin.
Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.94%. A year ago the rate was 3.09%. These rates have driven monthly housing payments for buyers up more than 50% compared to a year ago, according to Redfin.
Thank Biden for High Prices & Interests Rates !!!!
And all you sonasabitches that voted him and obama into the white house
Thks joe Biden
Recession. Say it Joey!
Buddy of mine in the real estate biz says Biden-affiliated real estate investment companies are profiteering by purchasing distressed properties at short sales.
CHINA owns BIDEN & Hunter !!! FACT They use them to RUIN us !!!!!