Mortgage rates hit one-year high at 6.69% as home sales fall
First-time buyers made up just 29% of July sales as inventory fell and mortgage rates priced out buyers, even as existing-home sales edged up.
First-time buyers made up just 29% of July sales as inventory fell and mortgage rates priced out buyers, even as existing-home sales edged up.
BELLINGS Intelligence Score: 28
Why it matters
Mortgage rates reaching a one-year high and the resulting decline in home sales is notable market activity affecting the housing finance sector and credit availability, but it is routine within the broader credit market cycle without novel structural implications.
Sources
Fortune
Mortgage rates hit one-year high at 6.69% as home sales fall
First-time buyers made up just 29% of July sales as inventory fell and mortgage rates priced out buyers, even as existing-home sales edged up.