U.S. Mortgage rates jump above 7%

Homeownership has slipped out of reach for millions of Americans amid an astronomical rise in mortgage rates and an ongoing inventory shortage.

Adding to the list of challenges for potential homebuyers in the United States: Investors and hedge funds are also snatching up properties.

In fact, new findings from Redfin suggest it has been happening at the fastest pace in nearly two years.

Real-estate investors bought about 44,000 homes in the first quarter of 2024, up half a percent from the previous year – the first increase since 2022. The gain was primarily driven by an uptick in purchases of single-family homes…

Investors buying record share of most affordable homes, too…(more)