Home Prices and Mortgages Aren’t Dropping Anytime Soon, Say Experts

Industry experts warn that buyers closing deals out of ‘fear of missing out’ may be ruining their financial futures.
Home Prices and Mortgages Aren’t Dropping Anytime Soon, Say Experts
A 'For Sale' sign in front of a home in Austin, Texas, on Oct. 16, 2023. Brandon Bell/Getty Images
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Home mortgage rates increased to their highest level of the year in April, to between 7 and 7.5 percent. With little movement from the U.S. Federal Reserve, scarce inventory, and rising prices, purchases continue to be tough for those venturing into the home market this year. Some observers, however, are concerned that buyers tired of waiting for economic factors to change are diving in with little thought to their long-term financial health.

“My customers now seem to be OK with a $3,500 mortgage payment. The demo is strange, though. We’re not talking about doctors. The buyers are pushing the envelope to the nth degree of their finances,” Matthew Hennessey, a mortgage broker and sales manager with Axia Home Loans in Las Vegas, told The Epoch Times.

Mark Gilman
Mark Gilman
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Mark Gilman is a media veteran, having written for a number of national publications and for 18 years served as radio talk show host. The Navy veteran has also been involved in handling communications for numerous political campaigns and as a spokesman for large tech and communications companies.