Interest Rate Update
Discussion of mortgage rate increases from 3.55% to 5.4% over 14 weeks and their impact on purchasing power and local inventory trends.
By Eric Zunkley•
Mortgage rates have increased dramatically from 3.55% to 5.4% over just 14 weeks.
This impacts purchasing power significantly. A $500,000 property that was affordable at 3.5% now requires substantially higher income at 5.4%.
For buyers navigating higher rate environments, working with a knowledgeable agent is critical to finding the right opportunity.