The U.S. housing market is short at least 760,000 for-sale housing units and short another 760,000 for-rent housing units, according to Freddie Mac economists. To bring vacancy rate, both rental and homeowner, back in line with historical averages, the U.S. would need to add an additional 1.5 million vacant for rent and for sale homes.
Mortgage Rates
Move Up
Following several weeks of decline, mortgage rates changed course this week. More hawkish commentary about inflation and tepid demand for longer-dated Treasury auctions caused market yields to rise across the board. This reality, as well as economic signals that have moved sideways over the last few weeks, have resulted in mortgage rates drifting higher as markets continue to dial back expectations of interest rate cuts.
