U.S. home buyers are getting noticeably less bang for their buck as the size of homes affordable on a $3,000 monthly budget is down 9% compared to a year ago from 1,647 square feet to 1,498 square feet, according to a new report from Redfin. The primary culprit is the 6.7% 30-year fixed mortgage rate—the highest since July 2006, ahead of the housing market collapse—that is 3% higher than a year ago.
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