“Despite affordability headwinds, homebuyers have adjusted,” says Sam Khater, Freddie Mac’s chief economist.
Mortgage rates in the US climbed, breaking a three-week streak of declines.
Buyers have been confronting a housing market with limited inventory as many homeowners, reluctant to give up their low-rate loans, resist selling. The lack of existing homes for sale is pushing up prices in some areas and driving sales of newly built houses, which rose at the fastest pace in more than a year.
Federal Reserve Chair Jerome Powell said that at least two more interest-rate increases would likely be necessary by the end of the year to calm inflation.
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