Tag Archives: homebuyer budgets

According to a new Redfin report, new listings have ticked up, but near-8% mortgage rates are causing many potential homebuyers to retreat, as purchase applications remain near their lowest level in nearly 30 years.

As mortgage rates creep toward the 7%-mark, buyers still in the market are being forced to downgrade their options for a larger home, cutting more than 400-square feet out of the homes on the market.