Timing has become everything in the home market as volatile mortgage rates have turned upward for the past week or two.
Rates that were touching 6% are now moving close to 7%, putting many buyers back on the sidelines. Mortgage News Daily put the rate at 6.78% on Friday. The rising rate comes from recent inflation news.
Los Angeles Redfin agent Justin Vold said in prepared remarks that well-priced homes are still getting multiple offers, but that he did notice buyers making fewer offers this week as interest rates crept back up.
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