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They Signed Contracts for Their Dream Homes Last Year. Now Their Borrowing Costs Are Ballooning.
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People who agreed to buy homes under construction but haven’t yet closed are facing mortgage-interest rates that could be nearly double what they anticipated when they paid their deposits.
New-home buyers are confronting multiple obstacles this year, from surging mortgage rates to home construction that is taking longer than usual due to supply-chain and labor constraints.
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