The housing market faces renewed headwinds with mortgage rates settling above 7%. Still, the downside risk to home sales is limited as more sales are being driven by life events, according to Fannie Mae’s Economic and Strategic (ESR) Group.

“New home sales were surprisingly strong in the first half of the year, due partly to homebuilder rate buydowns, which become more expensive when mortgage rates rise,” Fannie Mae’s ESR group said in its latest commentary. 

As more sales are driven by life events and fewer are from discretionary move-up buyers, details ⇒

BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com