7% Mortgage Rates Killing Sales

  • The Biden economy continues to sting and it’s hitting home sales again.
  • The reason: Mortgage rates have popped above 7%.
  • At the end of last year they were about one third that.
  • Mortgage applications dropped 4% for the week and were 30% lower than the same week a year ago.
  • “Since rates have been so volatile and for-sale inventory still scarce, we have yet to see sustained growth in purchase applications,” said economist Joel Kan.