An already miserably unaffordable housing market is getting more expensive.
As mortgage rates top 7% — the highest they’ve been in 21 years according to Freddie Mac — home buyers face ballooning costs. Some housing experts are warning that rates could keep climbing toward 8%. What does this mean for house hunters? Even ever-optimistic real estate pros say buyers and sellers must adjust their expectations. “I don’t like to be ‘doom and gloom,’ this is my book of business,” said Bess Freedman, CEO of Brown Harris Stevens, a national real estate firm.
That, along with Fitch’s downgrade of US debt, have exerted upward pressure on longer term borrowing rates, Yun said. This week, the yield on 10-year US Treasuries crossed over the 4.2% threshold it had been bumping up against to 4.3% on Thursday, its highest level in over a decade. That’s a tipping point, according to Yun. “If it breaks past that, then the momentum, however irrational, could push it up toward 5%,” he wrote.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Mortgage rates hit 21-year high with little relief in sightMortgage rates hit a two-decade-high this week, making an already expensive housing market become even further out of reach for many would-be buyers who are bei
Consulte Mais informação »
Economist says 'best guess' is mortgage rates will peak soonMortgage rates have hit their highest levels in more than 20 years, making it much more expensive to borrow money to buy a house.
Consulte Mais informação »
Local economist says 'best guess' is mortgage rates will peak soonMortgage rates have hit their highest levels in more than 20 years, making it much more expensive to borrow money to buy a house.
Consulte Mais informação »
Mortgage rates continue to climb — and could reach 8% soonFed signaled it might raise its benchmark rate before year's end, which may catapult mortgage rates even higher.
Consulte Mais informação »
Mortgage rates soar to their highest level in 21 yearsUS mortgage rates surged this week, rising to their highest level in 21 years. The 30-year fixed-rate mortgage averaged 7.09% in the week ending August 17.
Consulte Mais informação »
Today’s lowest mortgage rates? 15-year terms at 6.25 percentCheck out the mortgage purchase rates for August 18, 2023, which are unchanged from yesterday.
Consulte Mais informação »