Rate on a 30-year mortgage has jumped to 4.4%, quashing dreams of homeownership for many Americans.
beyond the means of many middle-class Americans, who increasingly are bidding against investors and higher-income buyers for a limited pool of homes. One question many have asked is when prices might come back to earth; so far, however, there are no signs prices are softening.
In February, the median listing price for U.S. homes jumped almost 13% to $392,000 compared with the previous year, Realtor.com said earlier this month. Only about 40% of renters who are millennials — whose generation is now the biggest buyers of homes — can afford to buy a starter home under today's rates, compared with 53% a year earlier, Evangelou said.Even so, there are some cracks emerging in the real estate market.
"Pending home sales follow mortgage demand, which has been falling rapidly since the turn of the year, and is nowhere near bottom, given the continued surge in mortgage rates," noted Ian Shepherdson, chief economist at Pantheon Macroeconomics, in a research note."The housing market is cooling very rapidly, and sales are set to fall by 20%-to-30% by mid-year.
not only took more out of each paycheck, but also pushed mortgage rates higher. The net effect, especially for first-time buyers, was a shrinking of their budgets & fewer options.
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