The US housing market is starting to show signs of stress as a sharp uptick in mortgage rates and high home prices push potential buyers to the sidelines and some investors look elsewhere for higher returns.
Average interest rates for a 30-year fixed-rate mortgage in the US swung to 4.42 per cent in the latest Freddie Mac weekly survey after hitting a record low of 2.65 per cent in January 2021.
Such sharp moves in the market are rare. The last time rates rebounded that quickly was nearly two decades ago, said Rick Palacios, director of research at John Burns Real Estate Consulting.
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