Housing Inventory, Not Mortgage Rates, Remains Key Concern for Home Buyers This Spring.

Housing Inventory, Not Mortgage Rates, Remains Key Concern for Home Buyers This Spring.

Mortgage Rates Aren’t Home Buyers’ Problem This Spring Borrowing costs are lower even after the Fed’s hike this week—but a bigger issue looms large. Spring is typically the busiest season for the residential housing market, and despite rates hovering in the mid-6% range, this year is no different Interested home buyers are acclimating to the current rate environment, but the lack of inventory remains a primary obstacle to affordability." Fewer homeowners are opting to sell compared to last year, and that continues to limit buyers’ choices and constrain home sales A third of homeowners recently surveyed by realtor.com® say buying their next home is their top concern when evaluating whether to sell. But older homeowners, who are likely to have a smaller mortgage balance and greater equity, are less likely to report feeling locked in by a low interest rate.

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