Fifty-five percent of U.S. homeowners say they could not raise the funds to purchase their home at current prices and interest rates.
flew past 7 percent
Rates have retreated to around 6.5 percent. That’s close to historic averages for home mortgages. Yet, by comparison to the low-interest housing boom of the last few years, borrowing costs seem impossibly steep to many Americans. Home prices remain elevated, but they, too, will probably fall. Redfin predicts prices will dip by 4 percent in 2023, to a median value of $368,000.
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