US 30-Year Mortgage Rate Holds at 7.32% as Over 20% of Listings Cut Prices
Updated
Updated · The New York Times · Oct 22
US 30-Year Mortgage Rate Holds at 7.32% as Over 20% of Listings Cut Prices
3 articles · Updated · The New York Times · Oct 22
Summary
Freddie Mac said the average 30-year fixed mortgage rate eased to 7.32% but stayed above 7% for a fifth straight week, extending pressure on the housing market.
High borrowing costs and still-elevated home prices have sidelined many buyers, crimping sales and leading housing experts to lower recovery forecasts for the rest of the year.
More than 20% of listings saw price cuts in September, Realtor.com said, as motivated sellers in some markets lowered asking prices to attract scarce buyers.
Austin home prices fell more than 8% from a year earlier in September, and pandemic boom markets in Florida and Texas are now among the areas correcting.