Mortgage Market Misdirection: The April Sales Disappointment Reveals a Broader Issue The National Association of Realtors' report on April home sales may have been dismissed as a minor blip, but it's actually a symptom of a more complex issue.
A 0. 2% increase in sales might seem insignificant, but the underlying dynamics paint a more nuanced picture. The expectation of robust sales was predicated on stable or declining mortgage rates.
However, rates have spiked, and this sudden change has had a chilling effect on buyer enthusiasm. Affordability is not just about price; it's also about the cost of borrowing.