There are two opposing economic forces impacting the housing market right now, rising mortgage rates and a record low supply of homes available to purchase.
Since ringing in a New Year, mortgage rates have been steadily climbing, eroding home affordability. According to Freddie Mac’s Primary Mortgage Market Survey®, rates have risen from 3.05% on December 23rd to 3.56% as of January 20th, up a half of a percent in just 4-weeks. It has many speculating that even higher rates are coming. Throw in a volatile stock market, and many are beginning to wonder if these changes are just the beginning of the end to the pandemic run on the housing market.
The recent four week rise in mortgage rates had no real impact on the current pace of housing. It will be important to watch how mortgage rates unfold in the weeks and months to come. Until rates rise substantially from here, it is business as usual, an insanely hot housing market in Orange County.
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