This year has already been a hot seller’s year with soaring house prices and tight demand. To add to that, we are also now facing rising mortgage rates. The surge in mortgage rates is putting an additional strain on homebuyers as they are already trying to keep up with the high housing costs. The shortage of supply, increased demand, and rising mortgage rates are causing an affordability crisis for many. In this blog , we have discussed completely about rising mortgage rates.
A lot of people blame inflation for the housing uproar while others panic if we’re heading towards a financial crisis. Let’s examine those reasons in detail to see what’s exactly happening.
So far according to the forecasts, mortgage rates and housing prices are predicted to stay high. Even if the demand dies down and the market slows down, less inventory is not going to satisfy everyone. The National Association of Realtors and The Mortgage Bankers believe that the situation of rising mortgage rates will somewhat stay similar till the end of 2024. Mortgage rates may vary between 4.8% to 5.5%.
Times are tough, especially for those who are about to buy their homes in these inflation-ridden times. If you’re looking to secure agents who can simplify the process of home loans for you, contact Brokerly.
Using artificial intelligence and machine learning, Brokerly generates thousands of mortgage leads from websites all over the internet. When the appropriate client is prepared to speak with you, our cutting-edge CRM filters the leads and keeps in touch with them. We will connect you with the best real estate agents in your region. So, what are you waiting for? Fill out our form and get connected with the right agents to secure the best deal now!
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