Contract rates have been rising steadily over the past year, with Federal Reserve's most recent rate climb, there probably won't be any peace anytime soon
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"This means that home loan rates will continue to rise, will see some reduction in the real estate market," said Dana Peterson, Boss Business Analyst at Yahoo Finance Lives
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Fannie Mae's home purchase sentiment index fell for long term in June to 64.8, its second lowest study in 10 years
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Overview, only 20% of buyers believe that this is a great home buying opportunity at the moment
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Existing property holders with fixed-rate contracts won’t feel same impact as buyers and sellers, except those looking to sell their homes at earliest
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The national bank could try, move into "a prohibitive zone", which would be rates above 3%, surprisingly, closer to 4% by mid-2023
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President Jerome Powell said economy had yet to enter recession during his latest public interview on Wednesday
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Also, many home buyers moved out of larger urban communities to rural areas and more modest urban communities