Facing the Storm: Rising Mortgage Rates and a Cooling Housing Market | 1-Minute Market Update w/ Martin Perdomo
Are you ready to face the storm? The housing market is changing, and we’re here to help you navigate the turbulence. This week, we examine the surprising fact that despite no interest rate hike, mortgage rates have hit a record high. We dissect the latest data revealing a slight increase in mortgage purchase applications week on week but a significant decrease from last year, signaling a softening market. We also delve into Google home searches, which are down, while median home prices continue to rise.
Join us as we analyze the impact of rising interest rates and prices and declining home searches on the housing market. We discuss how the median asking price for newly listed homes has seen the biggest increase in nearly a year and what this could mean for the future. We also talk about the Federal Reserve’s decision to hold interest rates steady, hinting at one more rate hike before the year ends, and its potential effect on the 30-year mortgage and the overall real estate market. We predict that a squeeze is inevitable. Stay tuned to our weekly real estate market update to stay informed, prepared, and ready for what lies ahead.
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