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TL;DR A decade of ultra low mortgage rates has reverberations across the economy in ways we’re only just beginning to understand. One nit with Diane’s thread is the assumption that once rates fall, this trend will improve. The data says to me that if rates fall, the effect… https://t.co/Y0VoApwt5v
Important reminder. Interest rates explain everything in housing. Low rates in 2021 and 2022 led to higher down payments and smaller mortgages, then when rates increased, mortgages got bigger and down payments got smaller. 1/ https://t.co/RyYGATVABe
"Over one-third (34.5%) of U.S. home purchases in February were made with all cash, up from 33.4% a year earlier. That’s just shy of the 34.8% decade-high hit in November, and isn’t far below the record high of 38% hit in 2013." @Redfin https://t.co/kky4NkxWPH
High mortgage rates impact the housing market beyond buyers and sellers, leading to increased down payments and cash offers. In February, over one-third of U.S. home purchases were made with all cash, nearing a decade-high. Interest rates influence mortgage sizes and down payments.