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Read the storyFrom the BBN segment “US mortgage rates reach 7.5%; home-buying slump hits sixth week”, cut down to under a minute.
The full story and the real reporting behind it (The Straits Times) →
What BBN said on air. The facts are in the original report: The Straits Times.
Hank LedgerThe 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.
Hank LedgerLola Cruz is at an open house.
Lola CruzHank, 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.
Hank LedgerZero.
Lola CruzZero.
Lola CruzThe 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.
Lola CruzThe 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.
Hank LedgerWere the cookies at least a fair price?
Lola CruzThey'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.
Hank LedgerSo the cookies are the housing market.
Lola CruzRight now they're the only thing moving, and the agent is already rationing them to two per person.
Hank LedgerI've been waiting for a pitch like this. If that robot novel is right, the machines don't need to take over.
Hank LedgerThey just set the rate at seven and a half and wait for us to give up.