11/02/2023
Mortgage rates surge to 8% amid record low supply of homes.
Over just two years, mortgage rates have surged from 3% to 8%, which can add nearly $1,000 to the monthly payment on a median priced home. The supply of homes for sale has hit a record low, leaving many potential homebuyers anxious over when the best time will be to buy a home. CNBC’s Diana Olick reports.
I urged my clients to purchase prior to this happening. Where are you in your home search? Are you waiting for rates to drop?