October 2022 Opens With Mortgage Rates Going Up

Abstract

Over the past year, we've seen mortgage rates go from record lows to new highs as Q4 2022 opened with rates just below 7% in October. First American Financial Corporation deputy chief economist Odeta Kushi says, "Inflation is absolutely in the driver's seat, particularly as it pertains to mortgage rates." She adds that until we see that inflation has slowed down, the upward pressure on mortgage rates will stay as it is. As expected, the higher rates were met with different responses from buyers, particularly those who are into real estate investing. As interest rates surged in Q2 2022, some investors started holding off plans of buying investment properties. As a result of the spike in interest rates earlier in the year, we saw the annualized home sales rate drop below five million homes in July. People who bought properties in September are somehow relieved to know that they were able to grab the opportunity before rates soared even higher. It's easier to find affordable properties with Mashvisor even if mortgage rates are high.