Over 30% of wealthy homebuyers in September bought a home in all cash, allowing them to avoid interest. Rates are still hovering just under 8%, a high not seen in two decades.
Over 30% of homebuyers are paying cash, allowing them to skirt interest. In September, about 34.1% of home purchases in the U.S. were all cash, which is up from the 29.5% reported a year earlier, according to data from technology-powered brokerage Redfin. September also marked the highest share of all-cash purchases in nearly 10 years, the brokerage reported.
In October, rates neared 8%, forcing monthly mortgage payments up about 20% from a year ago, the brokerage reported. Although rates have eased slightly, sitting at 7.88% for a 30-year fixed rate as of Nov. 8, they are still more than double the levels seen during the early days of the pandemic.
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