![]() ![]() The average rate on the 30-year fixed mortgage clocked in at 6.71% this week, sticking close to a 20-year-record.Įxperts have said rates need to drop to the 5% range in order for more inventory to hit the market and sales activity to improve. That means affordability isn't going to improve until mortgage rates dial back, which is unlikely to happen anytime soon, experts told Insider. While mortgage rates have retreated from highs of 7% reached earlier, they remain elevated and have discouraged existing homeowners from listing their properties for sale, preventing the significant price declines experts anticipated in 2022. ![]() "Whether this is just a temporary blip amid this year's peak buying season or a sign of another extended price surge is anyone's guess." With that has come another blow to how much house the average worker around the country can afford," ATTOM CEO Rob Barber said in a statement. "The US housing market has done an about-face following a downturn that threatened to usher in an extended period of flat or falling prices. ![]()
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