While less people are relocating than a year ago, those that are on the move are heading west — with Las Vegas topping the list of most popular homebuyer destinations, according to a new survey.
High mortgage rates have made buying a home increasingly expensive, contributing to a decrease in home sales. Zillow reports that individuals with mortgage rates over 5% are almost twice as likely to say they plan on selling their home in the next three years as those paying a rate below 5%. As of August 3, the average 30-year mortgage rate was 6.90%. That's up from 6.81% a week ago and 5.30% this time last year.
