The average 30-year fixed mortgage rate increased to 7.63% from 7.57% the previous week. With rates that high, buyers may be starting to back out of the market as evidenced by the National Association of Realtors’ report that existing home sales fell by 2% in September. First American Chief Economist Mark Fleming joins Yahoo Finance to discuss what this means for the housing market and how this affects other sectors.
Fleming discusses the status of multifamily units and rentals, saying “household formation has slowed down and there’s less demand for rental relative to the heights of a year or two ago and vacancies are rising. The multifamily market is softening and in many places rents are coming down from the highs and that’s mostly driven by a slowdown in new, young, generation Z households forming.”
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
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