First American Financial Corporation

First American Data & Analytics cites rising mortgage rates and restricted supply as driving forces; First-time homebuyers face the brunt of the surge.

First American Chief Economist Mark Fleming underscores the market's sensitivity to rate fluctuations, drawing parallels with the Global Financial Crisis and emphasizing the need for rate stability for a recovery.

Shifts in primary, secondary, and demand components of mortgage spreads challenge affordability; analysts predict rates may stabilize between 6.5-7.5% for the year.

Consumer house-buying power decreases amidst rising rates, uncertain outlook.

Double-dip recession included both existing- and new-home markets.

Mortgage rates reduce buying power by 0.7%