Economic performance/indicators

“The housing market may have to go through a correction,” Freddy Mac says: Mortgage rates were 6.29%

Numbers: Mortgage rates in the US continue to rise, adding hundreds of dollars in costs to potential homeowners. The increase in mortgage rates came on the heels of the Federal Reserve raising interest rates again to tackle the worst inflation the economy has faced in 40 years. The average 30-year mortgage rate was 6.29% as …

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Housing market slowdown deepens, with lower applications and ‘demand continuing to shrink’

Numbers: The Mortgage Bankers Association said on Wednesday that the US housing market continues to weaken as rising mortgage rates and economic uncertainty both weighed on the volume of mortgage applications. The Market Composite Index, a measure of a market index, fell 3.7% to 260.1 in the week ended August 26. A year ago, the …

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