Market Jitters Drive Mortgage Rates Up, Sending Some Would-Be Homebuyers to the Sidelines
Rocket Companies, Inc. Class A (RKT)
Company Research
Source: Business Wire
Redfin reports that higher housing costs, along with economic uncertainty that comes with the Iran war, are causing some house hunters to think twice SEATTLE--(BUSINESS WIRE)--Pending home sales fell 1% year over year, the biggest decline in a month, according to a new report from Redfin, the real estate brokerage powered by Rocket. On the selling side, new listings inched up 0.3% year over year.House hunters are wary partly because of rising mortgage rates and economic uncertainty. The weekly average mortgage rate has hit a three-month high of 6.22% as the Iran war and jitters about inflation rattle markets. The daily average mortgage rate rose as high as 6.55% on Tuesday.Markets are bouncing around this week as investors try to keep up with conflicting messages about the conflict in the Middle East; stocks and bonds rallied on Monday after the White House said the U.S. and Iran had productive conversations, but it is unclear when the conflict will end.Rising mortgage rates, along
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