The 30-year fixed mortgage rate soared to 8 percent this week, a peak unseen since the year 2000.The surge, unfolding amidst an already troubled economic landscape, stems from continued inflation, the Federal Reserve's stern stance on interest rates, and unbridled consumer spending.The higher mortgage rates come in tandem with a modest rise in housing starts for September, a silver lining hinting at a willingness among builders to invest despite the high borrowing costs.
The recent retail sales data showcasing robust economic activity further complicates the Fed's tightrope walk between taming inflation and supporting growth.Mortgage demand is on a downslide, with applications plunging nearly 7 percent last week, sliding to levels last seen in 1995. The conundrum deepens as despite the softening prices with summer's ebb, inventory remains starkly low against a high demand, keeping prices elevated.
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