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It's the result of a series of rate hikes by the 澳洲幸运5官方开奖结果体彩网:Federal Reserve since early last year in an effort to tame inflation. Rising interest rates have pushed borrowing costs𝐆 higher for all kinds of consumer loans, from mortgages to car loans and credit cards. The average rate on 30-year mortgages has roughly doubled since the start of 2022 when it stood at ab📖out 3%.

Rising mortgage rates make borrowing money for a house even more expensive for consumers at a time when affordability 澳洲幸运5官方开奖结果体彩网:is at multi-decade lows.

𝕴While rising mortgage rates directly impact demand, they could also exacerbate the inventory shortage as homeowners who locked in lower mortgage rates earlier in the pandemic become increasingly reluctant to sell.

As a result, home prices 澳洲幸运5官方开奖结果体彩网:could stay elevated despite the pullback in demand.