November 2022 RSS Feed

Found 1 blog entry for November 2022.

 



Many buyers are hoping for a fall in prices while mortgage rates rise, but they might be disappointed.

While sales are down across the country, newly listed properties are down quite a bit as well. Housing starts have lagged behind, reaching a year and a half low. And with interest rates still on the rise, builders are not likely to become energized anytime soon.

The average 30-year mortgage rate is now up to 7%. According to Yahoo Finance, the average mortgage premium is $965 higher than it was one year ago on a median-priced home. Mortgage applications are down 41% since last year, and refinance applications have plummeted 85% from a year ago. But with a shortage of available housing, even high mortgage rates probably will not slow the…

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