Children ride scooters past a house for sale in Los Angeles. Home sales have slowed as mortgage rates have climbed.The couple — both scientists in the biotech industry — were ready to put roots down in Boston.
High home prices were the initial insurmountable hurdle. When the Pauls first started their search, low interest rates at the time had unleashed a buying frenzy in Boston, and they were relentlessly outbid. Then came the Fed's persistent interest rates hikes. After a few months, with mortgage rates climbing, the Pauls could no longer afford the homes they'd been looking at.
The sharp increase in mortgage rates has cast a chill on the housing market. Many buyers have paused their search; they can longer afford home prices they were considering a year ago. Sellers are also wary of listing their homes because of the high mortgage rates that would loom"People are stuck," says Lawrence Yun, chief economist with the National Association of Realtors.
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