Mortgage Rates Reach 7%, Housing Market Feels the Pressure
Listen to the story
Mortgage rates have gone up to 7%. A mortgage is money you borrow to buy a house. Now it costs more to borrow this money.
The housing market was already weak. This means fewer people were buying homes. Higher rates make this problem worse.
Some experts say the war in Iran is one reason for the change. Big world events can affect money markets like this.
Many buyers now look for ways to get a lower rate. They want to pay less money every month.
Experts think the housing market will keep changing. People who want to buy a home may need to wait or find new plans.
Vocabulary15 words
- mortgage
- money you borrow to buy a house
- housing market
- buying and selling of homes
- rate
- how much extra money you pay to borrow
- borrow
- take money and pay it back later
- fallout
- bad results after an event
- weak
- not strong; not doing well
- expert
- person who knows a lot about a subject
- buyer
- person who buys something
- affect
- cause a change
- monthly
- every month
- plan
- an idea for what to do
- climb
- go up
- pressure
- difficulty; something hard to deal with
- event
- something that happens
- change
- become different
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Quiz
Answer key
1. They have gone up to 7% 2. Already weak 3. True
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Fill-in-the-blank listening
Play the audio again and fill in the missing words as you listen.
Mortgage rates have gone up to _____.
A mortgage is money you _____ to buy a house.
The housing market was already _____.
Higher rates make this problem _____.
Some experts say the war in _____ is one reason for the change.
Big world events can _____ money markets like this.
Many buyers now look for ways to get a lower _____.
They want to pay less money every _____.
Experts think the housing market will keep _____.
People who want to buy a home may need to _____ or find new plans.
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