Interest Rates Hit 6 % and Real Estate in Los Angeles has Cooled!
October 03,2022 | Posted By Julian Munoz in Los Angeles Real Estate Market
The 30 year mortgage rate went well above 6 % in the month of September, cooling the market even more. Pricing finally has leveled out to the single digit appreciation year over year and if the increasing interest rates continue, we can easily forecast that prices will start to decline. Due to this squelched demand we are seeing less new listings and inventory climbing, making it a bit more favorable for Buyers than before. Compared to just a few months ago, the mortgage payment has gone up anywhere from 20-30 % more on a monthly basis, knocking out many Buyers from purchasing a house. Real Estate normally has a 10 year cycle and this one has been extended due to the paradigm shift that Covid 19 presented in accelerating the adoption of Telecommuting by many employers.
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