Rising rates discourage potential US home buyers

A home in Chicago offered for sale on Jan 20, 2022. PHOTO: AFP
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(BLOOMBERG, NYTMES) - Potential home buyers in the United States are getting discouraged by rising mortgage rates and home prices, according to a survey by the New York Federal Reserve.

Consumers there expect mortgage rates to increase substantially over the next several years, with households on average projecting rates of 6.7 per cent a year from now and 8.2 per cent in three years, the survey shows.

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