Lower Mortgage Rates Won’t Make Homes More Affordable

Bloomberg, Apr. 25, 2023–Conor Sen
Homebuyers can’t catch a break. Sharply higher mortgage rates made houses more expensive and weakened demand without doing much to lower prices in most of the US. The supply of existing homes shrunk as owners hung on to their low-rate mortgages, slowing turnover and worsening the supply crunch. Now as homebuilders whittle down their inventories, they’re getting ready to phase out the buyer incentives they’ve been offering to counter higher mortgage rates. (MBA mention)
https://www.washingtonpost.com/business/2023/04/25/lower-mortgage-rates-won-t-make-homes-more-affordable/8e3ab77c-e353-11ed-9696-8e874fd710b8_story.html