US housing market in gridlock as mortgage rate tops 7%
The housing market in the United States is in gridlock, largely because of high interest rates, according to a discussion on the Ones and Tooze podcast. The average 30-year fixed mortgage rate is now above 7 percent, making it difficult for would-be first-time buyers to get into the market. Hosts Adam and Cameron discussed the broader implications for the U.S. economy. The episode also covered Brazil's presidential election.