Higher mortgage rates will cause price gains to slow — and possibly dip — as sales slow.
Higher mortgage rates are cooling off the red-hot housing market, and several California cities are among the most at risk for fewer sales and sliding prices. Three of the 10 cities most likely to experience a decline in home prices are in California – and seven of the top 20, according to Redfin. The Inland…
Higher mortgage dropped sales to the lowest level since 2008, as the once red-hot market cooled down in June.
The Golden State boasted some of the biggest home price gains during the past two years. But higher rates could tarnish some of those equity gains.
California’s once red-hot housing market has cooled down this summer, largely because of higher mortgage rates and lower share prices on Wall Street.