As temperatures begin to cool, the housing market continues to fizzle, with blisteringly high mortgage rates and scorching home prices becoming too hot to handle for many would-be home buyers. The national average 30-year fixed mortgage rate blasted through 7% in mid-August, reaching a 2023 high of 7.23%. As of September 14, the average 30-year fixed mortgage rate stands at 7.18%, according to Freddie Mac. Meanwhile, year-over-year existing monthly home sales sagged in July for the second consecutive month, slipping by 2.2% to a six-month low, with all four major U.S. regions posting year-over-year sales declines, according to the National Association of Realtors (NAR). https://www.forbes.com/advisor/mortgages/real-estate/housing-market-predictions/
Comments