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Mortgage Rates Are Not Deterring Some Home Buyers

Economics
Published

Despite mortgage rates topping 7%, Americans persist in their desire to buy a home. According to the latest , the share of adults with plans to purchase a home within a year edged up to 17% in the third quarter of 2023, up from 15% a quarter earlier.

The share has fluctuated up and down without a clear trend for over a year, likely because of the push-pull between two opposing forces: higher interest rates/home prices and persistent demand stemming from demographic growth.

Rose Quint, NAHB assistant vice president for survey research, provides further analysis in this .

At the same time, the Census Bureau’s Housing Vacancy Survey (CPS/HVS) reported the U.S. in the third quarter of 2023, amid persistently tight housing supply and elevated mortgage interest rates.

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