One of the biggest factors of the housing market cooldown we’re seeing is the swift rise in mortgage rates. And as that volatility continues, many people are asking “are mortgage rates going to keep rising?” Being able to answer this question for both buyers and sellers is mission-critical right now.
But to answer this question, you have to first understand the why behind the reason mortgage rates have doubled since the beginning of the year: inflation.
In an effort to ease inflation, the Federal Reserve is taking steps to try to tame inflation by slowing the economy, and those decisions are having an impact on mortgage rates. And until that’s under control, we may continue to see them stay high or rise even higher.
The best thing you can do for your clients right now is to give them all the facts. Because if they’re waiting for mortgage rates to drop…it may be a while.
However, despite the challenges rising mortgage rates bring, there is still opportunity in the market, especially as we move into the fall and winter months.
“There is no doubt that the increasing mortgage rate will make homebuying even more challenging, . . . buyers may still find opportunities, as these changes coincide with the time of the year when buyers have historically found the best market conditions to obtain more bargaining power,” said Jiayi Xiu, economist for realtor.com.
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We can help you relocate, find a job, and a daycare, and great places to eat, shop, and play along the gulf coast. It all starts by clicking here. Put my over 28 - plus years to work in your best interest. Call, text 850-476-4494, or email us Now!
Charles Stallions, CBR, CRS, CSR, is a licensed broker/ owner representing buyers and sellers in Pensacola, Pace, and Gulf Breeze Florida. Text, Call or Email, "answer" to Charles at 850-476-4494 for the answer to the two most important questions you need to ask YOUR next real estate agent or loan officer.
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