FILE - A housing development in Middlesex, Pa., is shown on March 29, 2024. On Friday, June 21, 2024, the National Association of Realtors reports on existing home sales for May.
"I thought that we would actually see a recovery this spring — we are not seeing it," said Lawrence Yun, the NAR's chief economist. The average rate on a 30-year mortgage has mostly hovered around 7% this year as stronger-than-expected reports on the economy and inflation have forced the Federal Reserve to keep its short-term rate at the highest level in more than 20 years.
As of the end of last year, more than 50% of homes with a mortgage had a rate that was 4% or lower, and 87% had a rate at 6% or lower, according to Realtor.com.
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