"Nearly one in three respondents said high mortgage rates are the nation's biggest economic problem, and three-quarters said current rates are abnormally high, despite being lower than historic norms. Even with the recent dip in interest rates, the reality for most Americans hasn't changed buying a home still feels daunting, said Tomo Mortgage CEO Greg Schwartz. One in three buyers now see high mortgage rates as the country's biggest economic problem, and 75% believe today's rates are unusually high even though they're below the 50-year average."
"Mortgage rates play a central role in buyer hesitation. About 85% said they had postponed their search at some point while waiting for lower rates. One-quarter reported delaying for more than a year. Pessimism is high, with 82% believing rates will stay the same or rise in the next six months in contrast with forecasts from major institutions predicting modest declines. This standstill has left many buyers in limbo, saying they are both actively searching and waiting for rates to drop before committing."
High perceived mortgage rates and financial stress are significantly weakening housing demand. Nearly one in three respondents identified high mortgage rates as the nation's top economic problem, and three-quarters judged current rates abnormally high despite being below the 50-year average. About 85% postponed home searches waiting for lower rates, with one-quarter delaying over a year, and 82% expect rates to hold or rise in the next six months. Mortgage costs have risen from roughly 20% of income in 2000 to 38% today. Large shares reported delaying life milestones, cutting savings, skipping vacations, and expecting to feel house poor.
Read at www.housingwire.com
Unable to calculate read time
Collection
[
|
...
]