Now with mortgage rates back to 7% is there going to be another home buyer collapse coming?

Home Mortgage Rates

With mortgage rates going back up around 7% for the 30-year fixed it really seems very possible that there will be another collapse in home buyer demand in the United States housing market.

Personally, I think that sellers on the market today, should get ready to cut prices over the Summer.

Today’s 30-year fixed mortgage rates are up substantially from the lows around 6.1% to 6.2%, that occurred in early April.

Because of the higher interest rates for the standard 30-year fixed rate mortgage coming at a time when home buyer demand is already pretty low, I think it pretty certain that we’re going to see a further drop in buyer demand for homes coming in the Summer.

The good news could very well be that because of our weak economy, personally I don’t think the traditional 30-year fixed rate mortgage will stay above 7% for the long term.

Here in the USA, many people and businesses bought up houses not to live in but as investments and helped cause prices to skyrocket.  I expect to see a sizable downturn but also expected that downturn to happen before now.

Home Mortgage Rates

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