Mortgage Rates Slip Below 7%
Mortgage rates dropped below 7% this week, but remain high enough to keep price-rattled homebuyers on the sidelines. Average 30yr fixed fell to 6.95%.
Mortgage rates dropped below 7% this week, but remain high enough to keep price-rattled homebuyers on the sidelines. Average 30yr fixed fell to 6.95%.
It should follow, that homeowners looking to refinance loans would also be headed to the sidelines in droves.
Average median house price declined to $389,500 in August, compared to high of $413,800 in June. But median house price still higher than a year ago.
Simon French, chief economist at investment bank Panmure Gordon, who forecasts a 14% fall in house prices over the next three years.
After four quarters of supply additions outpacing demand, the market is shifting with national asking rents declining over the last 90 days by 0.4%.
Real estate debt becoming an attractive investment as stocks fall and mortgage rates climb.
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