![]() ![]() Though it has since retreated following data this month showing the labor market cooling and inflation subsiding, the rate averaged a still-high 7.44% last week. The rate on the popular 30-year fixed-rate mortgage averaged 7.31% in the final week of September, before peaking at 7.79% in late October, the highest level since November 2000, according to data from mortgage finance agency Freddie Mac. housing sales, plunged 14.6% on a year-on-year basis in October. ![]() Home resales, which account for a big chunk of U.S. ![]() They were unchanged in the Midwest, the most affordable region. Sales fell in the Northeast, West and the densely populated South. October's sales likely reflected contracts signed in the prior two months, when the average rate on the popular 30-year fixed-rate mortgage jumped to levels last seen in late 2000.Įconomists polled by Reuters had forecast home sales would slide to a rate of 3.90 million units. Home resales are counted at the closing of a contract. "The combination of high prices, high mortgage rates, and millions of homeowners unwilling to move, given they've locked in low rates, has frozen the market," said Robert Frick, corporate economist at Navy Federal Credit Union in Vienna, Virginia.Įxisting home sales tumbled 4.1% last month to a seasonally adjusted annual rate of 3.79 million units, the lowest level since August 2010 when the sales were declining following the expiration of a government tax credit for homebuyers. ![]()
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