Residential Real Estate Update
30-Year Mortgage Rate Increase to 7.09%
The average long-term mortgage rate rose last week to its highest it has been in 20+ years. This is the fourth straight week increase for the average rate and the highest since April, 2002 where the average was 7.1%.
Demand has been impacted by affordability where low inventory remains the main culprit of staggering home sales. Furthermore, the lack of residential inventory is also a huge factor why residential sales are down roughly 23% through the first half of 2023.
Need help navigating the current real estate market? Contact a Kerber Agent at (419) 874-9100 or Info@KerberRealty.com