Mortgage Rates Hit 22-Year High, Sending Home Sales Plummeting as Buyers Balk at Rising Costs
-
Mortgage rates climbed to highest level since 2000, causing demand to plummet to 28-year low.
-
High rates make homes less affordable, discouraging buyers and limiting how much they can spend.
-
Lack of housing inventory also weighs on home sales, which are down 22% this year.
-
In response, more buyers are turning to adjustable-rate mortgages to get lower initial rates.
-
With high rates, many sellers have slashed asking prices or sold at a loss, especially in expensive markets like San Francisco.
![](https://nypost.com/wp-content/uploads/sites/2/2023/10/newspress-collage-3wd9zzh1v-1696424500494.jpg?quality=75&strip=all&1696410134&w=1024)