More than anything else, this year’s housing market has been defined by rapidly rising mortgage rates. And they haven’t just risen. They have more than doubled in less than a year, something that has never been seen before.
To put that into context, the average monthly mortgage payment is about $1000 more than it was a year ago.
But the biggest question that you need you to be able to answer is why, and the answer to that is inflation. The FED has been making moves to slow the economy down and real estate plays a big part in our economy.