Wall Street

You Might Have to Pay $500 a Month More to Get a Mortgage

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By Riley Gutiérrez McDermid Mortgage applications plummet 30% as real estate retrenches. House hunting used to be so much easier. For years, buyers looking for a new home were buoyed by low interest rates, a range of flexible options for mortgages, and a wide variety of housing from which to choose. All those factors were put in place by regulators and local authorities hoping to jumpstart a rebound from the Great Recession. For the most part, they worked. But in some places, they worked too well — creating a bottleneck of too many qualified buyers for too few homes. That created a perfect sto…

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