Pursuits
Spike in Mortgage Rates Throws a Wrench Into U.S. Housing Market
- Higher borrowing costs limit some buyers, could slow building
- Price gains may weaken as people seek smaller, cheaper homes
This article is for subscribers only.
The spike in borrowing costs in response to President-elect Donald Trump’s pro-growth agenda is causing some heartburn in America’s housing industry.
San Diego mortgage broker Shanne Sleder said a third of his clients, many of whom were already stretching budgets to buy homes in pricey southern California, are having to reconsider what they can afford as rates soar.