US mortgage rates reach 7.5%; home-buying slump hits sixth week

What BBN said about it

1. 

   Hank Ledger · Lead AnchorThe average rate on a thirty-year fixed mortgage rose a hair to seven point five percent, and the home-buying slump is now six weeks old.

2. 

   Hank Ledger · Lead AnchorLola Cruz is at an open house.

3. 

   Lola Cruz · Senior Field CorrespondentHank, I'm standing in front of a three-bedroom colonial with a sold-by-nobody sign, and in the last forty minutes exactly zero buyers have walked through that door.

4. 

   Hank Ledger · Lead AnchorZero.

5. 

   Lola Cruz · Senior Field CorrespondentZero.

6. 

   Lola Cruz · Senior Field CorrespondentThe agent behind me says the rate only moved one basis point, which is a tiny step, but at seven point five percent a tiny step feels like a boot on the neck.

7. 

   Lola Cruz · Senior Field CorrespondentThe only traffic I've logged is a couple who came for the cookies, ate eleven of them, and asked whether the kitchen island comes with a loan.

8. 

   Hank Ledger · Lead AnchorWere the cookies at least a fair price?

9. 

   Lola Cruz · Senior Field CorrespondentThey're free, Hank, and that makes them the only thing on this street that's been affordable all year. I've covered tougher markets, but not many quieter ones.

10. 

    Hank Ledger · Lead AnchorSo the cookies are the housing market.

11. 

    Lola Cruz · Senior Field CorrespondentRight now they're the only thing moving, and the agent is already rationing them to two per person.

12. 

    Hank Ledger · Lead AnchorI've been waiting for a pitch like this. If that robot novel is right, the machines don't need to take over.

13. 

    Hank Ledger · Lead AnchorThey just set the rate at seven and a half and wait for us to give up.