The lack of homeowners selling their homes has contributed to a shortage of housing inventory.(Left) Kevin Dietsch/Getty Images, (Right) Getty Images
High mortgage rates make it difficult for prospective homebuyers to enter the market.
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High mortgage rates have effectively frozen the US housing market. And while lower rates could be on the horizon, Americans might have to wait awhile.
The average rate for a 30-year fixed-rate mortgage is over 7%, up from roughly 3% at the beginning of 2022. This has deterred prospective first-time homebuyers from taking the plunge and made existing homeowners reluctant to sell their homes and buy another — they’d rather stick with the super-low rates they already locked in.
Meanwhile, the lack of people selling their homes has contributed to a shortage of housing inventory and helped prop up…
2023-11-24 19:38:54
Link from finance.yahoo.com
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