Mortgage interest rates have more than doubled in the last year. Mortgage interest rates are not at an all-time high but housing prices are and they continue to rise due to strong demand.
Some economists are predicting that home prices will go down in 2023. Locally homes are selling in less than 25 days on average and for slightly more than the asking price. I’ll have some more numbers later in the week.
Historically higher interest rates cause a slowdown in housing appreciation.
