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☆ It's never been harder to build wealth. Blame high interest rates and the US housing market.
  + stars: | 2023-11-25 | by ( Jennifer Sor | ) www.businessinsider.com   time to read: +5 min
That's largely because it's become much harder to buy a home, the "big ticket" to wealth for most Americans. Less wealthy Americans have also been slammed by high inflation, high borrowing costs, and meager wage gains. An inaccessible housing market spells trouble for those looking to build up their nest eggs, according to BankRate senior industry analyst Ted Rossman. With ever-more Americans priced out of the housing market, that gap could grow wider. The struggle to build wealth — by way of the housing market or other means — has been reflected in the latest economic data.
Persons: It's, it's, —, Ted Rossman, Rossman, aren't, Fannie Mae, Michael Neal, Neal, Bankrate's Rossman Organizations: Service, Federal Reserve, Business, Federal, National Association of Realtors, Realtor.com, Urban Institute Locations: –
☆ After this week’s Fed rate hike, where are mortgage rates headed?
  + stars: | 2022-12-16 | by ( Anna Bahney | ) edition.cnn.com   time to read: +8 min
Mortgage rates have run up so far and so fast this year that many would-be homebuyers can no longer afford to buy a home. By fall, mortgage rates had more than doubled, eventually topping 7% in October. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. “We have to remember mortgage rates come down much slower than they go up,” said Cohn. “Volatility increases the level of mortgage rates, compared to Treasury rates, because of the prepayment option,” said Chester Spatt, professor of finance at Carnegie Mellon University’s Tepper School of Business.
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