US housing market falters as mortgage rates top 7%
Business
The US housing market is having a tough time right now. September saw big drops in building permits, new home starts, and pending sales.
Pending home sales fell 7.3% from August, reaching their lowest point since 2001.
Rising mortgage rates above 7% are making it even harder for people to buy homes, and things could get tougher if the Federal Reserve raises rates again.
Lawrence Yun warns housing slowdown ahead
The Fed is weighing more interest rate hikes to fight inflation, which could push mortgage rates higher and made homes less affordable.
NAR's chief economist Lawrence Yun warns these rising rates aren't just hurting buyers. They're slowing down both existing home sales and new construction, which could mean more trouble ahead for the market.