The Fed governors and the Biden administration have set their sights on reducing inflation, Berner said. But with the consumer price index – a key inflation indicator – remaining high and the major stock market indexes continuing a week-long slide, “the dirty word on the lips of American economists and financiers is ‘recession.'”<\/div>\n
As long as regulators are focused on stemming inflation, a significant drop in mortgage rates is not expected to happen. For homebuyers, that means challenges will continue to mount as listing prices remain at record highs and the number of homes for sale hover near historic lows.<\/div>\n
“The rising cost of living and falling value of investments make saving for a down payment more difficult, and higher mortgage rates make borrowing for a home more expensive,” said Berner.<\/p>\n
Some buyers are getting priced out of the market altogether ahead of the busy summer season, he said, taking some pressure off of listing prices.<\/p>\n
There are some early indications of a price slowdown, said Berner. In each of the past two months, the percentage of listings that have cut their listing price has been increasing compared to a year ago. <\/p>\n<\/div>\n
.<\/p>\n","protected":false},"excerpt":{"rendered":"
The 30-year, fixed-rate mortgage averaged 5.30% in the week ending May 12, up from 5.27% the week before, according to Freddie Mac. It is the highest since 2009 and well above the 2.94% average from this time last year . As mortgage rates rise and the cost of buying a home increases, some buyers are …<\/p>\n
Mortgage rates continue to climb<\/span> Read More »<\/a><\/p>\n","protected":false},"author":1,"featured_media":13180,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","spay_email":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[8],"tags":[474,8276],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/cdn.cnn.com\/cnnnext\/dam\/assets\/220511163355-02-us-homes-mortgage-rates-super-tease.jpeg?ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"fifu_image_url":"https:\/\/cdn.cnn.com\/cnnnext\/dam\/assets\/220511163355-02-us-homes-mortgage-rates-super-tease.jpeg","_links":{"self":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts\/13179"}],"collection":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/comments?post=13179"}],"version-history":[{"count":0,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts\/13179\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/media\/13180"}],"wp:attachment":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/media?parent=13179"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/categories?post=13179"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/tags?post=13179"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}