Thinking about buying a home in the US It just got even tougher.
Home sales have dropped to their lowest level in 16 years, down nearly 9% from last year, mostly because mortgage rates have shot up, making it harder for people to afford homes.
The median price is now $416,700, so even if you find a place, it's not exactly cheap.
US mortgage rates 7.18% hinder homebuyers
Mortgage rates are now around 7.18%, way up from pandemic lows when they hovered just above 3%.
Rising inflation and global tensions (like tensions involving Iran) are pushing those rates higher.
Plus, with prices up, getting into the market is extra challenging.