Rising interest rates might finally be giving homeowners a reason to hit the pause button.
Long-term mortgage rates came in at 4.54 percent with an average 0.5 point on Thursday, up from 3.92 percent a year ago.
“The next few months will be key for gauging the health of the housing market,” Freddie Mac Chief Economist Sam Khater said in a release. “Existing sales appear to have peaked, sales of newly built homes are slowing and unsold inventory is rising for the first time in three years. Meanwhile, affordability pressures are increasingly a concern in many markets, as the combination of continuous price gains and higher mortgage rates appear to be giving more prospective buyers a pause.”
It's a little unclear if these factors are being felt in the DC region yet. In June, home prices in both the region and DC proper hit their highest level on record, but the number of pending home sales still came in above the 5- and 10-year averages. It will be interesting to see if the high prices and rising interest rates begin to affect the market in the months to come.
See other articles related to: mortgage rates
This article originally published at https://dc.urbanturf.com/articles/blog/rising-mortgage-rates-might-finally-be-giving-homebuyers-reason-to-ponder/14263.
Most Popular... This Week • Last 30 Days • Ever
The preferred mortgage product among most home buyers is the fixed-rate mortgage. How... read »
Eights month after a new proposal to redevelop part of the Takoma Metro station was p... read »
The new images provide a better sense of the big residential plans in the works for t... read »
As we approach the end of the year, UrbanTurf is taking a final look at the DC neighb... read »
Crescent Communities recently filed plans with Montgomery County for Novel Bethesda, ... read »
To help home buyers and sellers both novice and seasoned, UrbanTurf is running a seri... read »
Plans for the New York-based eatery appear to be moving forward.... read »
The development for four parcels at The Yards from Brookfield Properties and the Menk... read »
The zip codes that are home to Brentwood, Takoma Park and sections of Hyattsville top... read »
EDENS filed a planned unit development for a two-building residential development tha... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro