Tag Archives: Elevated mortgage rates

According to a new Redfin report, new listings have ticked up, but near-8% mortgage rates are causing many potential homebuyers to retreat, as purchase applications remain near their lowest level in nearly 30 years.

High mortgage rates have pushed consumer housing sentiment even lower, according to Fannie Mae's latest Home Purchase Sentiment Index, as more Americans are now pointing to mortgage rates rather than home prices as the primary obstacle to achieving housing affordability.

Despite the early-June underperformance, Redfin reports that home-tour numbers indicate pent-up demand that should translate into improved sales once mortgage rates drop.

According to a new report from Redfin, some 33.4% of U.S. home purchases in April were made in cash, marking the highest share of all-cash home sales since 2014.