The housing market is cooling as consumers grow weary of higher mortgage rates. In December, the number of newly-listed homes sold had fallen about 37% from a year ago, according to Redfin data.
Time to buy?
Despite softer demand, North Carolina remains one of the most popular markets. (Zillow recently ranked Charlotte the number one hottest housing market.)Harrison said now might be the time to buy. “If you have been on the margins and could not get your offer accepted in the past two years, now is the time to move. Although interest rates are a little higher, you're not competing with as many people."
All three experts ultimately predicted that mortgage rates would fall by the end of the year along with an increase in buyer activity. Mortgage rates currently sit at 6.33% for a 30-year conventional loan, according to Freddie Mac’s Primary Mortgage Market Survey. That's compared to the 3.45% during the same time last year.
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