Daily average mortgage rates are sitting at 7.4%, close to their highest level in more than two decades. High rates, combined with high home prices, have pushed home-purchase applications to their lowest level since 1995. Historically high mortgage rates are cutting into buyers’ budgets. A homebuyer on a $3,000 monthly budget, for instance, can afford … Continue reading Housing Market Update: A Homebuyer on a $3,000 Budget Has Lost $71,000 in Purchasing Power Since Last Year As Mortgage Rates Hit 20-Year High