04/04/2022
Rates have recently spiked close to 5% pricing out buyers due to homes now being slightly more expensive…
So if you were looking for a $300k home last year when rates were below 4% your mortgage would be about $1400
At today’s rates, that same mortgage is now closer to $1600 which is a huge impact to most families who depend on that extra $200 per month for other important things
So with rising rates comes lowered demand!!! Refinancing Percentage is down substantially over last year… These rises in interest rates make it likely that demand will fall and prices will follow. But whether this happens soon or not is anyones guess 🤷🏽♂️