Home Buyer Squeeze
Hello friends,
Mortgage rates keep rising at a very brisk pace. April 2022 saw mortgage interest rates rise up 2% higher than they were in December of 2021. This quick rise in rates has obvious consequences. Many potential home buyers are getting squeezed out of the market. Combined with the torrid pace of increasing home prices, still impacted by very low inventory, and it has become a real grind for regular, middle-class folks to get into this real estate market.
Mortgage refinances are down 62% in April from the same time in 2021. According to the Mortgage Bankers Association, 30 year fixed mortgage rates went up to 5.13% by mod-April of this year. We haven’t seen those rates since November 2018.
Housing Inventory News
Don’t be fooled by some of the recent headlines that housing inventory levels are starting to come back.
The spring buying season always see