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TeamDML offers insights, opinions, podcasts, videos and other forms of content intended to educate and better explain trending news that is made available to the public by third parties. In this particular case, we refer to an excerpt from BUSINESSINSIDER.COM:
High mortgage rates have effectively frozen the US housing market. And while lower rates could be on the horizon, Americans might have to wait awhile.
The average rate for a 30-year fixed-rate mortgage is over 7%, up from roughly 3% at the beginning of 2022. This has deterred prospective first-time homebuyers from taking the plunge and made existing homeowners reluctant to sell their homes and buy another — they’d rather stick with the superlow rates they already locked in.
Meanwhile, the lack of people selling their homes has contributed to a shortage of housing inventory and helped prop up prices, which may not drop anytime soon. While these factors serve as deterrents for prospective buyers, interest rates may not stay this high forever.
Many experts are predicting that the Federal Reserve may actually cut interest rates over the next 12 to 18 months, in response to slowing inflation and the prospect of a weakening US economy, Business Insider reported.
US homebuyers are waiting for the Fed to start cutting interest rates. Here’s when 9 experts say it’s going to happen. https://t.co/bNbd2ojS4C
— Markets Insider (@MktsInsider) September 18, 2023
To get more information about this article, please visit BUSINESSINSIDER.COM.
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