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Market for newly built homes slows as elevated mortgage rates put off many home shoppers

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Mortgage Rates News

Home Sales,Homebuilders,New Homes

Homebuilders who bucked the worst of last year's housing slump may be seeing their luck run out.After showing signs of strengthening early this year, sales of n

FILE - Workers toil on new homes in a housing development Tuesday, June 25, 2024, in Loveland, Colo. After showing signs of strengthening early this year, sales of new U.S. homes fell in April and May from a year earlier by 7.7% and 16.5%, respectively. After showing signs of strengthening early this year, sales of new U.S. homes fell in April and May from a year earlier by 7.7% and 16.5%, respectively.

As last year, homebuilders have lowered prices and offered incentives like paying to lower the rate on home loans in hopes of mitigating the impact of elevated mortgage rates. This spring's ramp-up in mortgage rates, which limits homebuying budgets, and the lingering uncertainty over when rates may come down, have put off many home shoppers.

 

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Market for newly built homes slows as elevated mortgage rates put off many home shoppersHomebuilders who bucked the worst of last year's housing slump may be seeing their luck run out.
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