Local real estate agents say the market is turning more favorable - Megan Allison KATU photoReal estate agents in the Portland metro tell KATU News inventory is still low, and mortgage rates remain high going into summer."It usually slows down after Memorial Day, kind of through July and August, because people are out enjoying the beautiful Portland weather. I feel like we’re starting to see that again this year.
Some mortgage lenders said they're encouraged by cooling inflation rates and a resolution on the debt ceiling. Tim McBratney said he anticipates that will drive down mortgage rates, which are currently averaging around seven percent. "The market is looking a bit more optimistic. That will bring rates down and I think by this year I think in the next month or two or three we’re going to see rates in the low sixes and perhaps high fives so, let’s hope for the best and hope the market enjoys that nice reprieve," McBratney said.
Both realtors and mortgage lenders agree, if a home is priced right, it will sell in the current market.