Mortgage rates are up, but is the housing market finally returning to normal?
Last week 30-year mortgage rates in the US jumped to 6.22%, reaching a three-month high. Homes.com Chief Residential Economist Brad Case speaks on what the spike in elevated mortgage rates is signaling about the US housing market and regional real estate trends.
Brad discusses how the market is slowly moving back into balance after years of disruption, with improvements in affordability mainly driven by income growth. Learn why home prices are reacting differently in the Sunbelt compared to the Northeast and Midwest, and how the critical “lock-in” effect for existing homeowners is beginning to ease.
Plus, find out what metrics define a “normal” housing market and when we might fully return to a state that favors the buyer.
Chapters
0:00 – The State of the Housing Market
1:25 – “Geographic Separation” in Housing
3:12 – New Construction Vs. Existing Homes
5:19 – Is the “Mortgage Lock-In” Effect Over?
6:47 – Defining a “Normal” Housing Market
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