Why the Housing Market is Going From Tough to Terrible
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The housing market's momentum has been significantly hampered by a surge in mortgage rates. After a period of exceptionally low rates that fueled a buying frenzy, 2023 saw a steady climb in borrowing costs. By May 2024, the average 30-year fixed mortgage rate has dipped slightly below 7% according to Freddie Mac data. However this remains significantly higher than the historic lows of previous years, impacting affordability and pushing many potential buyers out of contention.
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Why the Housing Market is Going From Tough to Terrible
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