Rising mortgage rates slow down home sales in US
SEATTLE, Oct. 19, 2022 -- The housing market continued to cool in September, though rebalancing from monumental appreciation is producing vastly different conditions depending on region and metro, according to latest market report. Affordability issues are driving the pullback in activity; steep prices mixed with high and volatile mortgage rates have stunted sales and frozen current owners in their homes, reducing the flow of new inventory.
Current homeowners are looking at home prices and the mortgage market and deciding to stay put. Among home sellers, 71% are also buyers. Homeowners who either bought or refinanced at record-low rates over the past two years understand that current rates are going to yield a lot less home than they're currently in unless they seek out a much mor...