Mortgage rates just hit 7.45% according to Mortgage News Daily. 🏠📈
And now sellers are starting to feel it.
Nearly 1 in 5 homes for sale had a price cut last month.
Why? Buyers don't just buy a PRICE. They buy a PAYMENT.
When rates rise this quickly, purchasing power gets crushed and sellers eventually have to respond.
But buyers shouldn't automatically run away. A slower market can mean:
🏠 Less competition
💰 More negotiating power
🤝 Seller credits
📉 Better purchase prices
You may be able to refinance the mortgage later.
You can't go back and renegotiate what you paid for the house.
Look at the entire deal, not just the interest rate.
Have questions about buying, refinancing, or tracking your mortgage rate in California?
Call or text 925-885-1919, request a video or phone appointment, enroll in free RateAnalyzer rate monitoring, or start our Quick Application.
Russell McDonald | NMLS 290837 | Broker CA DRE 01150730
Wymac Capital Inc | NMLS 18766 | Broker CA DRE 01121628
Real Estate Broker – CA Dept of Real Estate #MortgageRates #HousingMarket #HomeBuying #RealEstate #MortgageTips