Mortgage rates have climbed above 7.4%, and Realtor.com Chief Economist Danielle Hale says the housing market faces a challenging few months. US existing home sales rose 1.5% in September to just under 4 million, according to the National Association of Realtors, but fell 2.2% from a year ago. Hale explains why September sales reflect deals locked in when rates were closer to 6.7%, who has the upper hand between buyers and sellers, and why first-time buyers rose to 31% of sales. She also weighs the odds of 8% mortgage rates, how to rate-proof your budget if you plan to buy in six months, and how shopping around among lenders can get you a better rate.
Market Domination, Market Domination Overtime and Asking for a Trend are live weekdays 3-5pm ET with Yahoo Finance Host Josh Lipton.
00:00 Existing home sales in September
00:39 Why the housing market is struggling
01:42 Homes under contract and waiting for lower rates
02:46 Do buyers or sellers have the upper hand?
03:43 Could mortgage rates hit 8%?
04:46 How to rate-proof your budget
05:25 Saving for a down payment
06:00 How to get a better mortgage rate
#HousingMarket #MortgageRates #RealEstate #MarketDomination #YahooFinance
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