Managing Editor, National Mortgage Professional
Realtor.com finds 66 of 99 metros favor buyers or are moving that way, while rising financing costs have cut borrowing capacity 7.2% since late August for a fixed monthly payment
Buyers have more room to negotiate a home purchase, but less borrowing power to bring to the table.
The average 30-year fixed rate rose from 6.66% in late August to 7.40% in early October, reducing the loan amount supported by a fixed monthly principal-and-interest budget by about 7.2%. That financing squeeze accompanies a housing market increasingly tilted toward buyers, according to Realtor.com’s latest Market Clock report, released Oct. 19.
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