By Staff Reporters
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Housing affordability Getting Worse
Surging bond yields are playing out in a bad way in the housing market, where the average mortgage rate in the US jumped to 7.09%, its highest level since 2002, per Freddie Mac. Combine those eye-watering borrowing costs with an inventory crunch that’s driven up prices, and you get the worst housing affordability conditions in four decades, Bloomberg reports.
Roughly 75% of US homeowners have mortgage rates of less than 4%, according to JPMorgan, so you can imagine why no one is eager to move and pay upward of 7% on a new place.
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Filed under: "Ask-an-Advisor", Breaking News, Experts Invited, LifeStyle | Tagged: Bloomberg, bond yields, Freddie Mac, home mortgages, housing, housing affordability, JPMorgan, mortgage rates |
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