Posted 4/11/2024, 5:35:50 PM
Homebuyers Squeezed as Mortgage Rates Top 7%
- Mortgage rates topped 7% following a hot inflation report, reducing homebuyers' purchasing power
- Refinance applications surprisingly spiked 10% last week as homeowners rush to lock in rates
- Purchase applications fell 5% and are 23% below last year as buyer demand weakens
- Just 21% of consumers now believe it's a good time to buy a home amid high rates and prices
- More inventory is coming to market, with active listings up 24% in March, providing some hope