7% Mortgage Rates Killing Sales
View Source | May 24, 2023 8:17 am
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- 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.
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