by: Aimee Hartwig Real Estate
Mortgage rates rose for the seventh straight week according to Freddie Mac, “While springtime is typically the busiest homebuying season, the upswing in rates has caused some volatility in demand,” says Sam Khater, Freddie Mac’s chief economist. Despite the rising rates the National Association of Realtors reported the median sales price in March was the highest median price ever recorded. We take a closer look This Week in Real Estate.
“We know that the builders have been underproducing since the foreclosure crisis, which is the reason we have this shortage, but when mortgage rates increase, we have seen several months of inventory rising.”Lawrence Yun, chief economist at the National Association of Realtors.