“The good news is that home prices should begin to normalize later in 2022 as more homes come on the market,” says NAR’s chief economist.
Mortgage rates continue to rise and are nearly a whole percentage point higher than a year ago.
Investors and move-up buyers will keep home sales humming, but inflation and other issues could be hurdles.
Following a month-long rise in mortgage rates, home shoppers saw some relief this week.
The potential loss of homebuying power may “supercharge the housing market ahead of the spring homebuying season.”
Rising mortgage rates are quickly shrinking the number of homeowners who could save on their mortgage payments.
Data suggests that first-time buyers are struggling even more to afford higher home prices.
The 30-year fixed-rate mortgage is up 45 basis points in less than a month.
Credit supply is increasing with growth across both conventional and government mortgage segments.
The 30-year fixed-rate mortgage increased by nearly a quarter of a percent compared to last week alone.
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