The average homebuyer lost $71,000 in purchasing power over the last year as mortgage rates refuse to ease

Fri, 08/25/2023 - 13:55

The average homebuyer lost $71,000 in purchasing power over the last year, a Redfin analysis shows.
That's due to high mortgage rates, with the average 30-year fixed rate nearing 7.5% over the last week.
That mortgage rate was just 5.5% in August of last year, but home prices haven't budged as rates keep climbing.

The average homebuyer lost around $71,000 in purchasing power over the last year, according to a new Redfin analysis