Americans house hunters continue to bend under the weight of soaring mortgage rates and sticky prices.
decreased to 91.7 in August, marking the lowest level in data back to 1989, according to data out Friday. A level below 100 means a household with a median income doesn’t earn enough to qualify for a mortgage on a median-priced home.“The highest mortgage rate in two decades is detrimentally limiting the homeownership opportunity for many middle-class households,” Lawrence Yun, NAR’s chief economist, said in an emailed statement.
Not only is that pushing prospective buyers to the sidelines, but it’s also discouraging homeowners from giving up their low rates to move. That’s putting a lid on inventory and keeping prices elevated. The NAR, along with Mortgage Bankers Association and National Association of Home Builders, wrote a letter this week to Fed Chair Jerome Powell to refrain from raising interest rates any further.
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