After almost 2 years of record-breaking growth… is it true that the Rhode Island housing market is finally starting to cool off?
According to the National Association of Realtors chief economist, Lawrence Yun:
“With home sales retreating and mortgage rates rising, home price gains will slow in the upcoming months. By December, year-over-year home price appreciation could only be in the mid-single digits, from 4% to 7%,” says Yun. What’s more, he says if inflation turns ugly and the Federal Reserve has to be even more aggressive, then mortgage rates could top 7% and actually halt home price gains.”
What does this mean in real life?
Buyers in Rhode Island are beginning to have more options as significantly more properties have come on the market.Plus, mortgage rates have doubled since the beginning of the year, pricing some buyers out of the market altogether.
And if you are thinking about maximizing the market before it properly cools, the current national average 30-year fixed mortgage rate is 5.84%, while refinancing is seeing an average rate of 5.79%; both these data points have steadily been rising, and are continuing to do so.
Want more information on current market conditions, and how housing in Rhode Island might change over the coming weeks and months? Contact us for up-to-date information and advice.
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