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US housing market in gridlock, with risks emerging
Today's Mortgage Bankers Association data shows the average 30Y fixed rate mortgage agreed last week came in at 7.16%, matching the high hit on 21 October last year. The last time it was higher than this was December 2001. Unsurprisingly, demand for a new mortgage for a home purchase fell yet again. The number was lower in mid-February, but aside from that you have to go all the way back to 1995 for when there were fewer mortgages applied for a new home purchase – note that the US population back then was 70 million fewer than it is today (260mn versus 330mn). The chart shows what has happened since 2018. The ... (full story)