…By Gift BADEWO for TDPel Media.
The index is expected to stabilize at its current level, reflecting a relatively steady market sentiment.
The closely monitored S&P/CIPS Purchasing Managers’ Index (PMI) revealed a reading of 52.8, indicating continued expansion.
Manufacturing input costs also declined, registering the sharpest rate in seven years.
Impact on Borrowers and Housing Market
The rise in mortgage rates presents new challenges for borrowers, potentially affecting affordability and overall activity in the housing market.
It remains to be seen how these higher rates will influence buyer behavior and market dynamics in the coming months.