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Rates have increased from the record low of 2.65%, reached in early January. That’s made homes more expensive for buyers, many of whom have to stretch to afford a purchase as they compete for the slim supply of properties on the market.
The bidding wars, sparked by frenzied demand for more space in the pandemic, are taking a toll. The National Association of Realtors’ index of contracts to buy previously owned homes fell in February by the most since last April -- a month when lockdowns to stop the spread of Covid-19 severely limited deals across much of the U.S.
“While purchase demand remains strong, the marginal buyer is feeling the affordability squeeze resulting from the increases in mortgage rates and home prices we’ve experienced in recent months,” Sam Khater, Freddie Mac’s chief economist, said in a statement.
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