“With higher interest rates, it just means that people who consider home ownership as part of their American Dream, they’re saying goodbye to that. “When interest rates rise, we always see the first sector to respond to higher interest rate is the housing sector,” Yun said. Rising mortgage interest rates directly impact the real estate market, Lawrence Yun, chief economist at National Association of Realtors, said in a C-Span interview. homeowners with mortgages have an interest rate below 6%. (When it comes time to buy a home, please speak with a Colorado licensed mortgage loan originator for actual mortgage interest rates and related loan. SEE MORE: Pricing for bidding war: How this house got $370K over list The total number of homes for sale is down 19%, the biggest drop in a year and a half, and new listings are down 21%. Click here to see the total pay, recent salaries shared and. Home prices are increasing because the supply isn’t meeting demand as homeowners who have locked in lower mortgage rates hang on to their homes. The average salary for a Mortgage Loan Officer is 136739 per year in Colorado Springs, CO. homebuyer’s monthly mortgage payment was $2,605 during July, up 19% from a year earlier, according to Redfin. Meanwhile, house payments remain historically high due to rising mortgage interest rates that continue to climb, with a national average of 7.52% on a 30-year loan as of Sept. Homes that sold were on the market for a median of 27 days, up from 23 days a year earlier. That’s the biggest increase since November. The median home sale price was $380,250 during the four weeks that ended July 30, up 3.2% from a year earlier. That’s the latest takeaway from Redfin, a brokerage firm and real estate website. Home prices are up, but it now takes longer to sell a home.
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