Purchases of new single-family homes declined considerably in June as a combination of high prices and rising mortgage rates pushed potential homebuyers out of the market.
moves to tighten policy at the fastest pace in three decades in order to cool consumer demand and bring scorching-hot inflation under control. Policymakers already approved a 75-basis point rate increase in June and are expected to approve another of that magnitude on Wednesday at the conclusion of their two-day, policy-setting meeting. – the most popular among new homeowners – climbed to nearly 6% in June, though they've since moderated.
WASHINGTON, April 29, 2020.A man wearing a mask walks past the U.S. Federal Reserve building in Washington D.C., the United States, on April 29, 2020.Combined with high home prices, the rapid rise in borrowing costs has pushed many entry-level homebuyers out of the market.
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