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Homebuyers Are Losing Out on Homes and Big Deposits As Affordability Escapes Them

The homebuilder cancellation rate was 25.6% in October, up from 7.9% last year, according to John Burns Real Estate Consulting, as mortgage rates hover between 6% and 7%. ....

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Homebuyers are losing big deposits because of rising mortgage rates

Before mortgage rates rose, many people put down big deposits to buy houses that weren't built yet. Now rates have gone from 3% to 7% and they can't afford to buy the homes they agreed to buy. ....

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Some homebuyers lose deposits of $10,000, $20,000, or more due to high mortgage rates

There's a high-stakes tug of war over new homes. Many people who signed contracts before houses were built now are scared to buy them. Builders don't want them to back out and are keeping deposits. ....

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Some homebuyers lose deposits of $10,000, $20,000, or more due to high mortgage rates

Some homebuyers lose deposits of $10,000, $20,000, or more due to high mortgage rates
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