Mortgage rates went up to levels that we haven’t seen since 2009. It should be noted that 2009 was during a recession and housing market crash. Housing prices have more than doubled since then here in the Twin Cities and in other parts of the country. In the early 2000’s rates were at 6 and 7% but houses did not cost as much as they do today.
It is likely that the higher rates will cause homeowners to reconsider selling. It is too soon to tell if it will dampen buyer enthusiasm. Homebuyers are making offers and competing with one another to make the highest offer so that they can buy a house. . . at least as of this week.
