Mortgage rates driving lower housing supply, slowing market

Rising mortgage rates are leading to a reduction in homes on the market. Rachel Siegel, an economic policy reporter for The Washington Post, joins CBS News to discuss how this affects the economy.

#news #housing #mortgage

[Bum_Hip]

Headline could read “mortgage rates just below, or at historical averages.”

[dwadedunkedkobe]

This is a cyclical shortage. It happened in 2006 and it'll happen again.

[ericrollings]

6.35% is not a bad interest rate. It is ridiculous to compare 3% to now. My first house was @ 8%.

[DillDoughu]

Rent isn’t going to come down. Insurance and property taxes have skyrocketed for landlords, so it’s going to be passed down to the tenants in the form of rent increases. If you don’t like it then buy your own home, duh.

[backrack]

I believe the over inflated / artifical prices are making the reductions. Sorry.. a 1100 sq ft house for 320k in a area with a 75k median income...just isnt going to work. Have fun staying in whatever house u have till u pass. People cant even afford to live in the house they live in if they were to buy now at the price they would want for it. Makes sense lol.

[BillSias-opxw]

Only half the problem, home prices have doubled + in the past 6 years, rents have followed. Home prices were in balance in the 90's through 2012, mortgage rates were 9/9.5% on fixed rates. Then came Trump and that administration dealing with Covid, this is the result, years of economic damage.

[dantefekete]

Higher demand is equivalent to lower prices. Thanks for the economics lesson, chilies!

[huyhritter]

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[joe]

Yeah but all the houses they are building are over a million. Where are these new affordable houses for newly weds?

[samuelsgatsk]

Trickle down doesnt work, wake up everyone!

[stephenbatton]

Leases are gonna have to refinance or sell next year that's gonna be the headache especially offices

[jamesc]

This child doesn’t know anything. Find a lender that has been in the industry 20 plus years.

[FlorianWerfel]

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