Can higher mortgage rates be the cause of a slowing housing market?
Boston Condos for Sale and Apartments for Rent
Can higher mortgage rates be the cause of a slowing housing market?
Mortgage interest rates went down and then up a bit.
The number of homes on the market is rising and on average it takes twice as long to sell a house as it did a few months ago. Don’t get me wrong in most cases houses in St. Paul are selling in 30 days or less. Prices are not rising as quickly. We are still experiencing a seller’s market except in downtown Boston where the market is balanced.
Ryan Schneider, Realogy Holdings CEO and president, joins ‘Squawk on the Street’ to discuss Schneider’s expectations for home buying, the strength of markets with favorable weather and the demand for purchasing homes
Can higher mortage rates be the cause of a slowing housing market?
Boston Condos for Sale and Apartments for Rent
At least, that’s this writer’s opinion:
So, the issue of the day may not be mortgage rates but other more life threatening matters such as over-supply, too much investor speculation, relaxed lending requirements, and my personal favorite, overly-optimistic expectations for rates of return on real estate investing.
… We need to stop blaming the Feds, because so far their actions have caused us little pain, relatively speaking.
That might be true. I’ve been of the mind that it IS as simple as all that – that higher interest rates have been driving the slowdown. I think I was wrong. Or, at least, making it too simple.
Obviously, prices reached the “saturation point”, or whatever you want to call it – they continued to rise until they couldn’t rise anymore, because no one could afford to buy.
Also, less obvious, there are only so many people who are EVER going to buy a home, and there are only so many people who are EVER going to move from one home to another – I mean, my parents lived in the same house for 29 years. Not everyone moves every four years, much as I’d like them to.
Complete article: [Solid Masonry] Rating The Rates And Other Factors: Did We Stub Our Toe Or Is The Cause Of Our Pain More Threatening? – By John Philip Mason
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Updated: October 2024
