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To hit pre-pandemic affordability, either US incomes must spike, home prices have to crash 35%, or mortgage rates must come down.
Mortgage rates kept climbing this week as spreads on the 10-year Treasury yield widened, reaching a 16-year high. An 8% mortgage this year looks increasingly likely.
Home prices show no signs of falling, even though mortgage rates inch towards 8% and buyers pull back. What gives?
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