US Housing Market Sees $2.3T Drop In Value, Biggest Since 2008

  • The frenzy came to a halt when the Federal Reserve embarked on the most aggressive interest-rate hike campaign since the 1980s as it tried to slow the economy and crush runaway inflation.
  • The interest rate-sensitive housing market has so far borne the brunt of tighter monetary policy: Although mortgage rates have fallen from a peak of 7.08% notched in November, they have recently reversed that trend and started to march higher amid interest rate-hike fears.
  • The average rate for a 30-year fixed mortgage climbed to 6.5% this week, according to data from mortgage lender Freddie Mac.


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