The Fed chair this week doused any hope homebuyers still had that mortgage rates would soften anytime soon.
Not only do higher rates make it more expensive for buyers to borrow to purchase a home, but they also continue to convince homeowners to delay selling theirs, keeping a lid on inventory growth and spurring price increases.
That sent the 10-year Treasury yield, which mortgage rates follow, above 4.5% "with some pundits talking about getting to 5% and even debating the possibility of no rate cuts at all," Mark Fleming, chief economist at First American Financial Corp., told Yahoo Finance. How hard? A homeowner with a rate secured in 2020 or 2021 would pay $804 more per month on a mortgage payment to simply buy their same house now, Intercontinental Exchange Inc. found.
A sign advertising a home for sale is displayed outside of a Manhattan building on April 11, 2024 in New York City. What should a buyer do? For those who have the financial wherewithal to withstand higher rates, they may be in luck, said Danielle Hale, chief economist for Realtor.com. An FAQ on the Truth Social owner’s website gave stockholders multiple ways to avoid their shares being lent to short sellers.
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