The "golden handcuffs" around the wrists of US homeowners just got a little tighter.
According to Mortgage News Daily, the average 30-year fixed mortgage rate that was already at 7.5% last week, this week increased to 7.81%, the highest rate in 23 years!
Also, according to @NewsLambert, 91% of US mortgage borrowers currently have a mortgage rate below 5.0%.
This helps explain the low inventory or re-sale homes (homeowners understandably have little incentive or desire to swap a home at a very low mortgage rate for a home at a much higher rate).
It also helps explain the reduction in the number of total sales, as buyers got priced out of the neighborhoods they wanted to buy in.
On the positive side, many new construction builders are offering rate buydowns as an incentive to buyers and are increasing their share of sales, especially in the "affordable" price points.
Contact us today on 843-900-0155 to learn about
- SPECIAL PRICED homes; and
- SPECIAL INCENTIVES
that are being offered by new home builders in the Charleston area and not necessarily advertised online!