A report published by Redfin shows that the cost of buying a house has surged in seven battleground states due to the astronomical rise in mortgage rates.
The cost of buying a house has surged in recent years, as high mortgage rates and rising home prices put ownership out of reach for many Americans. The problem is even worse for the millions living in key battleground states that could determine the outcome of the 2024 presidential election.
Redfin's report is based on trends in seven swing states: Arizona, Nevada, Wisconsin, Michigan, Pennsylvania, Georgia and North Carolina. "Voters in swing states care about housing affordability because soaring home prices and mortgage rates, along with a shortage of homes for sale, have made homeownership feel impossible for some Americans," said Elijah De La Campa, a senior economist at Redfin.
Economists predict that mortgage rates will remain elevated for most of 2024 and that they will only begin to fall once the Federal Reserve starts cutting rates. Even then, rates are unlikely to return to the lows seen during the pandemic. Mortgage buyer Freddie Mac said Thursday that the average rate on a 30-year loan this week fell to 6.77%. While that is down from a peak of 7.79% in the fall, it remains sharply higher than the pandemic-era lows of just 3%.
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