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Freddie Mac Mortgage Rates Climb to 7.57%
- 30-year mortgage rate increased by 0.08 percentage points from last week.
- Rate is now 0.65 percentage points higher than the same time last year.
- Higher mortgage rates could impact the real estate market and homebuyers’ decisions.
How Rising Mortgage Rates Affect Kansas City Real Estate
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Potential increase in homebuying urgency
Homebuyers may feel the need to act quickly before rates continue to rise, leading to a potential increase in demand for homes for sale.
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Affordability challenges
Higher mortgage rates may result in higher monthly payments, making it more difficult for some buyers to afford their desired home.
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Shift in market dynamics
The balance between buyers and sellers may change, potentially leading to a more competitive market for those looking to sell their home.
As mortgage rates continue to rise, the Kansas City real estate market may experience shifts in both buyer and seller behavior. A local Kansas City Realtor shares, “With rates increasing, potential homebuyers might want to act sooner rather than later to lock in a lower rate. On the other hand, sellers may want to consider listing their home now to take advantage of the current market conditions.”
In this ever-changing market, it’s essential for both buyers and sellers to stay informed and work closely with a knowledgeable Realtor to navigate the process. The importance of having a professional on your side cannot be understated, as they can provide valuable insights and guidance on how to navigate the real estate market during times of fluctuating mortgage rates.
In conclusion, while the recent increase in mortgage rates may present challenges for some, it also presents opportunities for others. By staying informed and working with an experienced Kansas City real estate agent, both buyers and sellers can make informed decisions and find success in the local market.
Orginal article: Link To Article – provided by Kansas City Realtors
