Mortgage Rates Hit 7.49%, Squeezing Housing Market as Buyer Demand Drops
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Mortgage rates rose again this week, hitting 7.49% for a 30-year fixed and contributing to falling housing demand.
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The higher rates are due to factors like inflation, the job market, and uncertainty around the Fed's next moves.
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Home purchase applications fell 6% to a nearly 3-decade low as affordability decreases.
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Home prices remain high due to low inventory, as homeowners with lower rates stay put.
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There are some signs of improvement like an increase in homes with reduced asking prices, but overall conditions remain challenging for buyers.
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