00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Mortgage rates rose to about 6.5% from 5.99% as the war with Iran began,
00:08reversing earlier declines and weakening expected affordability gains, according to CNBC.
00:13The rise erased gains in affordability that had been supported by slowing home price growth
00:18and increasing housing supply, favoring buyers. Mortgage applications to buy homes fell 5%
00:24week over week, according to the Mortgage Bankers Association. Zillow said new uncertainty tied
00:29to energy prices and inflation has complicated its outlook. The firm said sales could rise 3.48%
00:36if conditions eased by April, 2.33% by July, or 1.21% by September, and could fall 0
00:43.73%
00:44if higher rates and unemployment persist through 2026. KB Home lowered its full-year forecast
00:50after weak orders. Redfin said 13.7% of contracts were canceled in February,
00:55while sellers outnumbered buyers by more than 600,000.
00:59For all things money, visit Benzinga.com.
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