Connect with us

Hi, what are you looking for?

Deluxe Investment Group – Investing and Stock NewsDeluxe Investment Group – Investing and Stock News

Stock

Homebuyers feel locked out as prices soar and mortgage interest rates hit new highs

In the housing market today, it feels like what goes up doesn’t have to come down.

It looked like home prices were finally cooling off late last year after price spikes that began during the pandemic. Nationwide, prices dipped gradually in the second half of 2022 as mortgage rates climbed in response to rising interest rates. And some areas where a lot of new homes had been built — like Austin, Texas; Boise, Idaho; and Charlotte, North Carolina — saw significant price declines.

Granted, that was a double-edged sword for many people. Higher interest rates tend to bring home prices down, but that’s because they make it more expensive for buyers to borrow money to finance their purchases.

The rate hikes were not enough to undo the big price gains of the past few years, especially in parts of the U.S. where home sale prices already run well above the national average, but the change came as a relief for many people.

Then something even more surprising happened early this year. Prices started going up again. Potential homebuyers who may have breathed a sigh of relief a few months ago are now staring at an improbable double whammy: Prices are at all-time highs even with mortgage rates at 23-year highs.

The average U.S. rate for a 30-year mortgage was 7.49% on October 5, according to government-backed lender Fannie Mae.

In fact, an NBC News analysis of data from Zillow found that estimated mortgage payments have increased in more than 500 cities since the end of 2020, with payments doubling in more than half of cities.

This post appeared first on NBC NEWS

Become a VIP member by signing up for our newsletter. Enjoy exclusive content, early access to sales, and special offers just for you! As a VIP, you'll receive personalized updates, loyalty rewards, and invitations to private events. Elevate your experience and join our exclusive community today!



    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    You May Also Like

    Latest News

    Florida Gov. Ron DeSantis (R) needs a massive infusion of cash in the next two months of the Republican presidential primary race to help...

    Editor's Pick

    ERP or Enterprise Resource Planning solutions help businesses of all sizes manage their daily business operations. First used in the 1990s, ERP systems have...

    Economy

    Amp’s 223.67% Leap: Analyzing the Sudden Spike The cryptocurrency community has recently been set abuzz by the phenomenal rise of Amp (AMP). Just in...

    Latest News

    The United States could be on track for a Joe Biden-Donald Trump rematch in 2024, but it’s the president’s son Hunter Biden who earned...

    Disclaimer: Deluxeinvestmentgroup.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2024 deluxeinvestmentgroup.com