Tag Archives: Elevated mortgage rates

The number of homeowners with relatively low rates has fallen because many have given up on waiting to move until rates fall, and everyone who did so had to take out a rate at above 6%.

While a slight increase in new listings offers potential buyers more housing inventory to choose from, Redfin has found that many are backing out of the market, as mortgage rates sit near levels last seen two decades ago.

Consumers nationwide are citing elevated mortgage rates rather than home prices as their primary challenge in reaching affordability, as rates above 7% continue to dampen the overall housing market sentiment, according to Fannie Mae's latest Home Purchase Sentiment Index.

The overall lack of new listings nationwide has pushed the total number of homes on the market down 5% year-over-year, reaching their lowest level of any early June on record, according to a new housing market update from Redfin.

In April, all-cash home purchases reached their highest level in nearly a decade. A new report from Redfin reveals elevated mortgage rates driving down overall home sales more than all-cash sales.