Higher Mortgage Rate Impact on Local Real Estate - Michael Friedman Broker-Associate eXp Realty - Mission Bay Boca Raton Specialist

Higher Mortgage Rate Impact
How Can I Help You?

November 1, 2022

Thank you for your time today.  I look forward to helping you in the future.

A recent article by Jessica Dickler on CNBC.com that is entitled, “Another interest rate hike from the Federal Reserve is on the way: Here’s how it may affect you” recently caught my eye. 

Part of the discussion centered around rising mortgage rates and the effect on real estate. 

The article quotes Sam Khater, Freddie Mac’s chief economist, “rates resumed their record-setting climb,” he said “with the 30-year fixed-rate mortgage reaching its highest level since April of 2002.”

Greg McBride, Bankrate.com’s chief financial analyst was quoted as saying, “affordability was strained already from the surge in home prices, when you layer on top of that this never-before-seen pace in mortgage rates it compounds the problem.”

The thing that really caught my eye was Mr. McBride’s analysis of the subject where he is quoted as saying, “if you had been approved for a $300,000 mortgage in the beginning of the year, that's the equivalent of less than $200,000 today."

From what I am seeing in our local market, the low levels of inventory are holding up against the rise in mortgage rates, for now. 

If you need to put your home on the market for sale, I would not hesitate. 

I suggest home sellers be fully prepared from the outset of the sales cycle and hit the ground running from the get-go. 

Let’s talk and see how I can be helpful to you.  Schedule time on my calendar CLICK


Michael Friedman
Broker-Associate, Realtor
eXp Realty

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