INTEREST RATES, CASH AND BUYER CONFIDENCE
Thirty-year mortgage rates have more than doubled this year, and after running up above 7%, now have settled out around 6.5%, and 15-year rates are currently at 5.95%. Compared to prior decades current mortgage rates are good, however over the past 8 years most homeowners have obtained new mortgages with 3 to 4% interest rates, and many have been unwilling to sell their current home and give up their 3% mortgage rate and move on to a new home with a 6.5% interest rate. This has resulted in less homes being placed on the market and less market turnover,...
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