Higher Interest, Rising Prices, Fewer Listings: A Bad Mix for Mortgages
Rising interest rates and elevated prices have caused sales of new homes to drop, tightening the mortgage market for banks and credit unions.
In addition, pandemic-related supply-chain problems put a strain on the supply of lumber and other building materials over the past two years, making it more difficult to put new inventory on the market.
Those factors pushed housing prices to new highs in several major markets. Home prices rose 2.2% in February from January and 20% year over year, according to the CoreLogic Home Price Index.
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