7% Mortgage Rates Keep Buyers Out as US Housing Market Tilts in Their Favor
Updated
Updated · The Washington Post · Oct 12
7% Mortgage Rates Keep Buyers Out as US Housing Market Tilts in Their Favor
3 articles · Updated · The Washington Post · Oct 12
Summary
7% mortgage rates are keeping many would-be homebuyers on the sidelines even as more US markets shift into buyer-friendly territory.
Less competition has ended the frenzy of multiple offers and waived inspections in many areas, making purchases easier to negotiate but still expensive to finance.
Slower home-price growth has not been enough to revive demand because borrowing costs remain the main barrier for households considering a purchase.
The result is a housing market that increasingly favors buyers on paper, while affordability pressures still prevent many from acting.