New home buyers are backing out of deals. Why?
As mortgage rates inch closer to 7%, hundreds of thousands of inflation-weary homebuyers across the U.S. are backing out of deals.
Nationwide, the number of newly pending contracts to buy a home plunged from 58,000 to 55,000 during the week ending Feb. 17, Altos Research found. That’s its first decline since the start of the year, a notable reversal from what appeared to be a slowly recovering housing market ahead of the spring.