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US Housing Market Grapples with Record-Low Affordability Amid Soaring Mortgage Rates

Applications for financing home purchases in the United States have reached their lowest level since 1995, as mortgage rates have approached a staggering 8%.

The Mortgage Bankers Association’s (MBA) home-purchase applications index showed a 2.2% decrease in the week ending October 20, dropping to an alarmingly low figure of 127. These figures highlight how mounting affordability challenges are significantly impacting housing demand.

 

Source: BNN

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