The so-called core reading of the consumer price index, stripping out volatile energy and food prices, showed a glimmer of good news, economists said.
Almost three-quarters of American consumers in March said they believed now is a “bad time to buy” real estate, a record high, according to a report from Fannie Mae.
The daily average rate for a 30-year fixed mortgage rose above 5% on Wednesday for the first time since 2018, according to Optimal Blue rate-lock data.
The share of sellers who had to reduce asking prices is rising at the fastest pace since August, Redfin said in a report.
Mortgage rates reached a four-year high this week, boosting the average monthly home-loan payment by 20% from a year ago, Freddie Mac said.
The Fed plans to reduce its balance sheet more aggressively than the last time it ended a bond-buying program, according to minutes released on Wednesday.
Home prices grew 20% in February from a year earlier, a record pace, as buyers competed for a limited amount of properties on the market, CoreLogic said.
A critical measure of U.S. inflation surged to the highest level since Ronald Reagan was president as global supply chains snarled by the pandemic fueled price increases.
