Many buyers who signed contracts for new homes in 2021 or early this year calculated monthly payments using near-record-low mortgage rates. But rates have climbed.
Many buyers in contract for new homes calculated monthly payments based on near-record-low mortgage rates
With the average 30-year mortgage rate rising to 5%, home ownership may now be out of reach for millions more Americans. WSJ’s Dion Rabouin explains the impact for potential buyers, sellers and the housing market. Illustration: Adele MorganPeople who agreed to buy homes under construction but haven’t yet closed are facing mortgage-interest rates that could be nearly double what they anticipated when they paid their deposits.
New-home buyers are confronting multiple obstacles this year, from surging mortgage rates to home construction that is taking longer than usual due to supply-chain and labor constraints.
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