Mortgage Rates Plunge. Share Of Homes With Price Drop Hits Record

Fed officials, including Jerome Powell at last week's post-FOMC press conference, have repeatedly cited elevated mortgage rates as the quintessential example of how the run-up in long-end Treasury yields since late-July tightened financial conditions. Financing costs for Americans struggling to realize the homeownership dream neared 8% last month. While not anomalous from a historical perspective, rates were still the highest in nearly a quarter century. When considered with record-high home pr