On August 22, 2023, a captivating photo was taken in Millbrae, California, showcasing an advertisement in front of a real estate property for sale. The National Association of Realtors reported a 2.2 percent drop in the sales of previously owned homes in the United States in July, reaching a seasonally adjusted, annualized rate of 4.07 million units. This marked a 16.6 percent decrease from the previous year, with the slowest July sales pace since 2010. (Photo by Li Jianguo/Xinhua via Getty Images)
Xinhua News Agency | Xinhua News Agency | Getty Images
According to Mortgage News Daily, the average rate on the 30-year fixed mortgage surged over 7% on Monday, the first time since December, reaching 7.04%.
This significant increase followed a sharp jump in rates after the January employment report exceeded expectations. Furthermore, rates continued to rise after a monthly manufacturing report also showed strong results.
Mortgage rates…
2024-02-05 14:20:44
Source from www.cnbc.com