From rising rates, high home prices, and an uncertain economic outlook, shoppers are finding it hard to jump into purchasing a home.From rising rates, high home prices, and an uncertain economic outlook, shoppers are finding it hard to jump into purchasing a home.
Consumers surveyed said that they expect rates to move higher over the next 12 months, and that they expect home prices to decline. Fannie Mae added that 75% of respondents said that it’s actually a bad time to buy a home, up from 73% the previous month. People are going to start to accept the fact that higher mortgage rates are the new normal, Christine Cooper, managing director and chief U.S. economist at CoStar Group, told MarketWatch in an interview.
If all buyers hang on and not go by emotions, prices will definitely go down..
Everyone should have sold!
So. Buy a home if you can and refi when rates drop again. I bought my home in 1996 at 8%. Refied down to 3.5%. Just dont be stupid and take equity out when you refi and you'll be good. Plus. Rates have been historically low recently. So what we see now isnt unusual.
7%! 😣
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