Real Estate Market Recap - The Lowcountry - Mid-Year 2022
Rising inflation, soaring home prices, and increased mortgage interest rates have combined to cause a slowdown in the U.S. housing market. To help quell inflation, which reached 8.6% as of last measure in May, the Federal Reserve raised interest rates by three-quarters of a percentage point in June, the largest interest rate hike since 1994. Higher prices, coupled with 30-year fixed mortgage rates approaching 6%, have exacerbated affordability challenges and rapidly cooled demand, with
home sales and mortgage applications falling sharply from a year ago.
With monthly mortgage payments up more than 50% compared to this time last year, the rising costs of homeownership have sidelined many…
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