U.S. MORTGAGE RATES HIT 7.4% AS HOME SELLERS CUT PRICES

THE AVERAGE 30-YEAR MORTGAGE RATE CLIMBED TO 7.4%, ITS HIGHEST SINCE NOVEMBER 2023, FURTHER WEAKENING HOUSING DEMAND.

WITH BUYERS RETREATING, 21% OF SELLERS REDUCED ASKING PRICES, A RECORD SHARE FOR THIS TIME OF YEAR IN REDFIN'S DATA.

HOME PRICES ARE FALLING IN SEVERAL MAJOR MARKETS, INCLUDING DALLAS (-5%), AUSTIN (-3.4%) AND TAMPA (-1.9%) YEAR-OVER-YEAR.

SELLERS ARE INCREASINGLY OFFERING CLOSING-COST CREDITS AND MORTGAGE-RATE BUYDOWNS, SHIFTING NEGOTIATING POWER TOWARD BUYERS DESPITE ELEVATED BORROWING COSTS. ...