US Mortgage Rates at 7% Reshape Housing Market

I’m Chris Anstey, an economics editor in Boston, and today we’re looking at reporting by Paulina Cachero, Jennifer Epstein and Alex Tanzi on the impact of high US mortgage rates. Send us feedback and tips to ecodaily@bloomberg.net or get in touch on X via @economics. And if you aren’t yet signed up to receive this newsletter, you can do so here.

Receding prospects for the Federal Reserve to lower interest rates in the next few months are keeping US mortgage rates in the 7% range — more than double what they were three years ago. This higher-for-longer dynamic is, slowly but surely, reshaping the housing market.