Steeper mortgage rates weren’t enough to smoke out demand for newly built homes, but the gains may not last.
Mortgage rates stayed steady for most of September, oscillating between 7.12% and 7.18% before turning higher in the last week, hitting aof 7.31%, per Freddie Mac. Rates have only marched higher since then, staying above 7% for 10 straight weeks where they likely will remain for the foreseeable future, experts say.
One way builders have been able to attract rate-conscious buyers — especially first timers — has been through incentives, Dietz said. But with mortgage rates fast approaching 8% this month and the weather turning cooler, buyers may step back and hibernate for a while before making a move. 'Probably the best use of cash': Warren Buffett likes businesses that dole out dividends — but he absolutely loves it when they do this instead. 3 'share cannibals' to watch now
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