Both prospective home buyers and sellers are backing off from the U.S. housing market, a new survey shows.
Higher rates are adding costs to potential homeowners: 67% of respondents expected mortgage rates to go up. The 30-year fixed-rate mortgage averaged 4.99% as of Aug. 4, according to data released by Freddie Mac on Thursday. That’s up from an average rate of 2.77% a year ago. Even sellers are spooked: The percentage of respondents who said it’s a good time to sell a home fell from 68% to 67%.
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