Homebuyers are dropping out of the US housing market as higher interest rates price them outIndustry data—as well as anecdotal evidence—point to a sharp slowdown in the housing boom triggered by the pandemic. Average mortgage rates have shot up to more than 5% from around 3% at the beginning of the year. Higher rates already dampened the refinancing boom, and now they’re pushing out first-time homebuyers who don’t have as much equity as existing homeowners or investor homebuyers. Lower housing affordability is pushing half of US homebuyers to tears, according to a recent Zillow survey.Here are three signs that the housing market is cooling off:Read the rest of this story on qz.com. Become a
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