Home News What the feds interest rate increase means for housing market, mortgages

What the feds interest rate increase means for housing market, mortgages

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Raleigh, NC (WTVD)-If Triangle homeowners have anything to say about Thursday’s Raleigh home market, it probably sounds like a reaction.

“I’m really sorry for those who didn’t have a home in advance,” said one woman, “how expensive a home is.”

Warren Phillips said his daughter was looking for a home, but finding an affordable home is difficult.

“I’m really sorry that someone is trying to buy a house, especially for young people,” Phillips said.

The Fed rate hike 0.75% has no direct effectMortgage rates, But they also rose, rising from 3% in January to nearly 6%. This is the highest since November 2008.

But for Triangle homebuyers, it’s not all fate and darkness, according to Pathway Mortgage Group mortgage broker Barb Multari.

“Prices are a bit higher and monthly payments will be more expensive, but I’m talking to a segment of people who think crashes will happen, so they’re waiting,” Murtali said. rice field. “But so many people are moving here, so I’m not going to see it here in the triangle market.”

The more people you have, the more inventories you have, the more options homebuyers have, and the less competition you have, so more inventories enable more opportunities.

“Housing will have more time to market and more opportunities for people to enter,” Murtali said. “And I think you can see the values ​​of the house chilling at a tremendous rate.”

Thomas Babb of Triangle MLS said the median home prices have fallen a bit.

“Although the market seems to be starting to slow down, Raleigh’s housing market is still very strong,” Bab said. “Reducing the number of shows means that, in the end, we don’t see enough homes to maintain the pending numbers. Therefore, sales are directly declining and we’re looking at homes. Fewer people will bid on the house. “

Movement Mortgage Loan Officer Mark Wohlschlaeger said: Offer. He added, “There may be five other offers, but you’re still competing, but you could be able to leave home at this point compared to some other time.” Is much higher. “

Wohlschlaeger said it was time for homebuyers to act.

“The rate will make some people creepy,” said Wohlschlaeger. “If you look at the market as a whole and make some outlook, it’s not as expensive as in the past.”

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