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How quickly will higher mortgage rates impact the surprisingly resilient home buyers this spring? The interest on a 30-year fixed mortgage today is approaching 7% again. Just a few weeks ago, we’d dropped just under 6%. An almost 100 basis point move in rates has a significant impact on payments and affordability. You have to assume that means fewer buyers in the market. The question is, where in the data do we see it first? How long does it take for higher mortgage rates to sink in before those buyers back off? Check out this week’s Altos update for all the latest on pricing, inventory, and more. |
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