Homeowners Want to Sell, but Not With Mortgage Rates Back Above 7%

WSJ Your Money Briefing

The Wall Street Journal

News, Business News

3.8 • 1.6K Ratings

🗓️ 23 April 2024

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

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Summary

After ticking lower over much of the past six months, mortgage rates are back to averaging above 7%. Wall Street Journal personal-finance reporter Veronica Dagher joins host J.R. Whalen to discuss the impact on sellers as well as housing inventory. Listening on Google Podcasts? Here's our guide for switching to a different podcast player. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Net Suite by Oracle brings accounting, finance, inventory, and HR into one proven platform, helping you reduce costs everywhere.
0:09.0	Back by popular demand, Net Suite is extended its one-of-a-kind flexible financing program for a few more weeks.
0:15.8	Head to Netzweed.com.
0:20.0	Before we get into today's episode, your money briefing is exploring what you need to know to become
0:24.7	a homeowner and sustain your home.
0:27.5	You can get early access to our series buying a home and keeping it on W.S.J. Special
0:32.4	Access. Available only for W.S.J. Special Access, available only for W.S.J. subscribers.
0:36.7	Now on to the show.
0:38.8	Here's your money briefing for Tuesday, April 23rd. I'm J.R. Whelan for the Wall Street Journal.
0:47.0	Even as mortgage rates declined over the past six months, homeowners put off selling in the hopes that rates might decline even further.
0:57.5	But rates have moved back above 7%, and that can have a chilling effect on the market.
1:03.0	Sellers are such an important part in the housing market
1:06.4	because as you know, you can't buy what's not for sale.
1:10.2	Many sellers are also buyers. So if you're going from a situation where you have a low rate mortgage and then if you sell that home and you buy a new home and your new mortgage rate is going to be 7% or so, that's not very appealing to many people.
1:24.4	We'll talk to Wall Street Journal personal finance reporter
1:26.7	Veronica Dagger, after the break. Net Suite by Oracle brings accounting, finance, inventory, and HR into one proven platform,
1:40.0	helping you reduce costs everywhere.
1:42.0	Back by popular demand, NetSuite is extended its one-of-a-kind flexible financing program
1:47.5	for a few more weeks.
1:49.0	Head to NetSuite.com slash Wall Street. Many prospective home sellers have been waiting on the sidelines skittish about putting their homes on the market.
2:06.5	Has anything changed?
2:08.5	Wall Street Journal Personal Finance reporter Veronica Dagger joins me.
	...

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