Mortgage rates climbed to 6.75%, their highest level in over a year, squeezing buyers as home prices sit in the 90th historical percentile.
Single-family housing starts collapsed 10% month-over-month and 16% year-over-year, with homebuilder ETF ITB dropping 4% in a week.
Buyers should target builders offering rate buydowns on unsold inventory, but stress-test the payment at 6.75% as permanent before signing.
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CNBC real estate correspondent Diana Olick opened a recent segment with a number that has rearranged household budgets all summer. "The average rate on the 30 year fixed mortgage inched up again this morning to 6.75%." That reading, from Mortgage News Daily at the time of her report, is where the 30-year fixed sat when the segment aired.

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