It comes at a time of uncomfortably high prices after a bout with the worst inflation in a generation. Also see: Economic progress undercut by shortage of affordable housing, report saysWannabe homebuyers are getting hammered by a painful combination of high mortgage rates and high home prices. Turmoil in the bond market and the Federal Reserve’s war on inflation have driven up mortgage rates to levels unseen since 2000. Aided by emergency action from the Fed, mortgage rates briefly tumbled below 2.7% in late 2020 and early 2021. That’s $1,165 more than two years ago, when mortgage rates were barely above 3%.

Source: CNN November 08, 2023 21:51 UTC