Home sales continue to slide as Fed jacks up interest rate
CBSN
The number of homes sold across the U.S. slowed in August, the seventh month in a row of declining sales.
The National Association of Realtors said Wednesday that existing home sales fell to 4.8 million last month, down 0.4% from July. Home sales are down nearly 20% over the last year and are at their slowest annual pace since May 2020. The housing market has cooled as mortgage rates top 6%, double their level in January.
The average rate on a 30-year home loan rose to 6.02% last week, moving above 6% for the first time since 2008, according to mortgage buyer Freddie Mac. Every percentage point increase in mortgage rates adds hundreds of dollars to monthly payments. The jump in rates means a typical homebuyer will pay up to $600 more per month for a 30-year mortgage.
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