How are real estate agents faring with mortgage rates under 7%?
Mortgage rates have been under 7% for a while now, and real estate agents are reporting that home buyers are starting to get back into the market. Mike Fabbri, an agent with Nest Seekers, said, “There’s a confidence in the market and there’s just signs that things are getting better. And that’s when people start to flood the market.”
According to the article, agents have been telling home shoppers to “marry the house, and date the rate.” This means that shoppers are getting into homes with the knowledge that they rate they get today probably won’t be the rate they have in 10 years.
Could rising inventory become a problem for the housing industry?
Home inventory has been a challenge for the housing market that goes back before the pandemic. Mortgage rates are down from their peak, home prices are still elevated, but have shown small declines in certain markets. Experts are predicting that business should pick up in the late winter and early spring. Could there be a sudden issue with too many homes on the market?
Experts at the Washington Post think that an inventory spike is unavoidable in 2023. What they see as the issue is if interest rates continue to stay elevated while inventory rises. They claim that higher rates will keep buyers on the sidelines, and that could drive prices down even further.
Where are mortgage rates after Thanksgiving?
The national average for a 30-year, fixed rate mortgage started Monday down slightly, and ended the session at 6.62%, lower than where last week ended. Bonds started the trading session strong, but weakened throughout the day. There’s plenty of economic data on the calendar this week, so there should be a lot more movement than the sideways action that was observed last week.
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