“The average 30-year, fixed mortgage rate trended upward throughout September, approaching 8% in early October. Higher mortgage rates have a dual impact on the housing market–reducing affordability for buyers and strengthening the rate lock-in effect for potential sellers,” said Mark Fleming, Chief Economist at First American.
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The Critical Role of Stable Mortgage Rates
In a new blog post, First American Chief Economist Mark Fleming explains that " “mortgage rate stability, even if the stabilization occurs at a higher level, is the key to a housing recovery.”
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