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Mortgage rates climb as housing market loses its mojo

Mortgage rates climb as housing market loses its mojo

survey conducted by the National Association of Home Builders in the second quarter showed that 69% of prospective home buyers expect their house search to get harder or stay about the same. About the same amount, 63%, said they see fewer or the same number of homes they’d be interested in buying compared to three months earlier, yet another sign of limited inventory – and that buyers are noticing.

“Even with home price growth easing slightly in some markets, mortgage rates hovering near a seven-year high will certainly create affordability challenges for some prospective buyers,” said Freddie Mac Chief Economist Sam Khater.

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