Mortgage rates increased for the fifth consecutive week, reaching their highest level since August. Redfin senior economist Chen Zhao joins Alexandra Canal and Josh Lipton on Market Domination to discuss what’s ahead for the housing market. “Mortgage rates have really increased a lot over the last month,” Zhao says, saying there are “a few different factors that have really played a role.” The economist says, “One is we’ve had stronger economic data, starting with the jobs report on October 4th. That means slower rate cuts from the Fed, and in all likelihood, we’ll get another read tomorrow morning on the labor market. But another really big factor is just the election with the odds changing these last couple of weeks.” For more on the challenges facing the housing market, watch the video above.
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