It's official: Higher mortgage rates are truly terrifying potential homebuyers

Jan 5 2023 by Business Insider

 
Higher housing costs have reduced affordability for many Americans.

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Mortgage applications sank to a 26-year low in December, according to the Mortgage Bankers Association. Applications for refinancing also fell, dropping by 87% compared to the same period from 2021. Higher mortgage rates have weakened demand and affordability for many American households.

After a year of rapid home price growth and surging mortgage rates, fewer Americans were interested in purchasing homes in...

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