Interest rates were bound to go up eventually but many buyers were hoping that they would stay under 4% until Spring. That unfortunately has not been the case. As rates go up a buyer's ability to purchase a home increases as the mortgage payment increases - so you end up buying less home or accepting a higher mortgage payment.
Although you may not have as many choices in the fall/winter market you will have less competition and really motivated sellers!
Thinking you might want a great Christmas present for the family? Let's get you pre-approved and start searching for it today!