Mortgage interest rates are at the highest levels I have seen since 2007. They have more than doubled since December of 2021 and the effects of this rapid rise in rates are finally being felt in the real estate markets.
- Housing inventory is sitting on the markets for a longer period than we have been used to seeing in over the past five years.
- Higher rates mean less buyers in the market, which is reducing the amount of offers for each home listed on the MLS.
Shift to a Buyer’s Market
In the last nine months the market has shifted from a seller’s market to a buyer’s market with sellers finally willing to negotiate downward on price. When rates are up and home prices are down, the overall housing payments may still be affordable to many buyers.
Refinance Options Make It Work