Mortgage Originations Drop as Rates Rise – What to Know

With interest rates rising, housing is becoming less affordable. Recent data has shown mortgage originations down 33% compared to last month. What does this all mean?

1st – Housing is becoming less affordable

2nd – We will start to see high listed properties sit on the market for longer. There could be a softening in the market.

3rd – The best time to sell is most likely NOW.

4th- Expect the trend to continue.

These are my take always. I do not predict a “crash”, but if you are looking to get the highest cash offer for your property. Now is the time, buyers will stop knocking at your door in the near future.

 

 

Credit: CNBC Real Estate News and Diana Olick