The Chill on Housing: Why Higher Mortgage Rates Are Freezing Buyers Out The latest National Association of Realtors data paints a dismal picture of the US housing market.
Home sales declined for the second straight month in July, with existing home sales falling 1. 7% a larger drop than economists had expected. Rising mortgage rates have clearly taken their toll on buyers.
Mortgage rates now hover above 6. 7%, while home prices continue to soar, reaching a median of $434,100. The impact is evident even in regions where some signs of resilience remain, such as the Midwest and West.