Real Estate Firm Predicts Sharpest Turn in Housing Market Since 2008 Crash
The average rate for a 30-year fixed mortgage topped 6 percent this week for the first time since the financial crisis of 2008–09, making it difficult for buyers as well as considerably softening the sellers’ grip on the market.
Mortgage lender Freddie Mac reported on Sept.15 that the 30-year fixed mortgage rate for the week ended Sept. 14 was 6.02 percent, an increase of more than 110 percent, that is, more than double last year’s rate of 2.86 percent. The 15-year fixed mortgage rate was 5.21 percent, compared to 2.12 percent last year. Although there is a dampening of prices, low inventories are preventing the drastic fall in home prices, said the mortgage corporation….