May 17, 2024
Finance

How rich homebuyers are avoiding high mortgage rates

The all-cash deal is back in vogue for homebuyers, a shift that favors the wealthy. Luxury housing markets in New York and Florida are boasting near record-high shares of transactions paid in cash, according to first quarter data from real estate appraisal and consulting firm Miller Samuel Inc. That represents a sharp reversal from more

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Finance

Jay Powell just made buying a home this spring even more challenging

The Federal Reserve chairman this week doused any hope homebuyers had that mortgage rates would soften anytime soon. Instead, rates jumped above 7% after Jerome Powell said inflation was taking longer to come down to the Fed’s intended target, a sign that any rate cuts investors were betting on may not arrive soon this year

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