00:00It's Benzinga and here's what's on the block.
00:02The average rate on the 30-year fixed mortgage is currently around 7.5%,
00:06the highest level since mid-November, and up from around 6% in February.
00:11Higher rates caused home sales to stall last year but rebounded before rising rates halted the
00:15surge. Affordability is weakening as rates increase while housing supply remains very low,
00:20fueling competition. Despite higher rates, mortgage applications to purchase homes rose 5%
00:25last week compared to the prior week. Economists expect rates to remain elevated given inflation
00:30and Fed policy dampening sales going forward. Supply is up from a year ago but still
00:35historically low, keeping home prices elevated. For all things money visit Benzinga.com
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