High Mortgage Rates Dampen Sentiment in Housing Market

Sentiment in the US housing market fell last month due to high mortgage rates, with the 30-year fixed rate rising to 7.49%.

Just 16% of consumers said now is a good time to buy a home, matching the all-time low set last year.

High mortgage rates surpassed high home prices as the top reason consumers think it’s a bad time to buy.

Sellers cited high rates as the #1 reason why they thought it was a bad time to sell their homes.

Consumers continue to expect home prices to increase in the next 12 months despite affordability concerns.