In the red-hot US housing market, homebuyers are facing sticker-shock as prices have soared, and now they also have been hit with a surge in borrowing rates.
She has been looking for a house in the suburbs of Washington for three years, and has submitted four offers, each above the asking price -- up to $100,000 more. All were rejected.
That shortage pushed prices higher, and now the Federal Reserve is raising interest rates to tamp down inflation pressures. And Emmet, her nine-year-old son, is very happy in his new school, which limits the scope of her search."It's almost like I'm missing my chance of owning a home," she said.Buyers now face another challenge as borrowing rates rise from the historically low levels they were slashed to during the pandemic.The interest charged on a 30-year fixed-rate loan -- the most common in the United States -- has risen to 5.11 percent, the highest level since 2010, compared to an average of 2.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Used car buying guide: Fiat Coupe | AutocarThe Fiat Coupé is a ’90s icon that still turns heads. We remain smitten - and if you do too, you need our used car buying guide
Read more »
Food buying habits are evolving in the face of inflationRising food prices are slowly changing our grocery store shopping habits, which are already out of whack after the pandemic pushed more Americans to eat at home, industry analysts say.
Read more »
Crypto Mogul Barry Silbert: Buying Dogecoin 'Crossed My Mind'Digital Currency Group CEO Barry Silbert seems to have warmed up to the leading meme coin
Read more »
Late buying push leaves stock indexes higher on Wall StreetA late wave of buying left major indexes higher on Wall Street after another day of up-and-down trading.
Read more »
Elon Musk is buying Twitter for $44 billionThe deal is expected to close this year.
Read more »