Episode Details

The war in the Middle East has sent U.S. mortgage rates soaring, from 5.99% to around 6.5%, according to Mortgage News Daily. This surge has erased recent gains in affordability, with home purchase applications dropping 5% last week. Economists are revising their outlooks due to inflation concerns and higher energy costs. Zillow now predicts home sales growth could shrink to as low as 3.48% this year, or even turn negative under worse scenarios. Builders are also feeling the heat, with KB Home cutting its full-year delivery forecast due to weak orders and increased buyer hesitation. Cancellations are at their highest levels since 2017, with over 600,000 more sellers than buyers nationwide. Inventory is rising, particularly in the South and West, threatening the markets stability as peak selling season approaches.

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