Right now there is a lot happening in the real estate market. Interest rates are double what they were in 2021 but inventory continues to be low. Will higher interest rates impact inventory levels and what does that mean for the seller and/or buyer?
This article from Realty Times talks about current conditions in the marketplace and the potential impact they can have. Enjoy the article and give me a call with any questions you have or for help with your real estate needs.
Tim Houterloot - Broker/Realtor
317-997-0165 - Cell
indyhomepro@outlook.com
Source: Realty Times | Repost Houterloot 6/22/2022 -
The reports seem conflicting. On one hand, you have experts saying the real estate market is cooling down and going back to normal. On the other hand, you have experts pointing out the high cost of real estate and low inventory that we’re still experiencing nationwide. So, which is true? Well, both are… at the same time. Let me break it down.
Mortgage Rates
In 2021, the average rate was 2.65%, according to Business Insider. On Friday, June 03, 2022, the national average 30-year fixed mortgage APR is 5.400%.
The Mortgage Reports predict that number will continue to grow in 2022. Experts interviewed anticipate that the 30-year fixed mortgage rate could land between 4.8% and 7.0 percent. For the 15-year fixed mortgage rate, their predictions fall between 3.9% and 6.0 percent. That’s a potential increase of 4.35% in the span of one year!
How does this affect inventory and home sales?
Read the full article...
