The rise in rates and prices has put a damper on homebuying demand AND on the supply of homes for sale. Home buyers are being faced with nearly record low housing affordability and homeowners are opting not to sell their houses because they have locked in ultra-low mortgage rates. Because of this, housing inventory of existing houses remains subdued and is about 48% less than this time in 2018 and 2019 (pre-COVID levels).
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Rising Mortgage Rates and Home Prices Put a Damper on Housing Affordability
To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr fixed rate mortgage is around 7.4% for the current mortgage rates (at the time of filming this video for those with excellent credit).
Comment below: what’s your housing market forecast? Do you think a housing crash will happen or are your housing market predictions that the real estate market and home prices will continue to surge?
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Jason Walter, CPA (lic 103885)
Sacramento real estate agent and native
Realty ONE Group Complete (DRE 01923240)
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Disclaimer:
Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video – it is for entertainment purposes only.
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