Today's Business Headlines: 10\/04\/23
Home sales slide more than expected in August as high mortgage rates sideline buyersThe cost of financing a home surged again this week as the average long-term US mortgage rate climbed to its highest level since December 2000, further dimming theBorrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loan, also increased. The average rate rose to 6.78% from 6.72% last week. A year ago, it averaged 5.90%, Freddie Mac said.
The average rate on a 30-year mortgage is now more than double what it was two years ago, when it was just 2.99%.The combination of elevated rates and low home inventory has worsened the affordability crunch by keeping home prices near all-time highs even as “Several factors, including shifts in inflation, the job market and uncertainty around the Federal Reserve’s next move, are contributing to the highest mortgage rates in a generation,” said Sam Khater, Freddie Mac’s chief economist. “Unsurprisingly, this is pulling back homebuyer demand.”
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