Survey: Interest Rate Increases Catching Up to Buyers

Julie C. Nichols General

M Report – Tory Barringer

Ascending mortgage rates are starting to weigh on homebuyers nearly as much as low inventory, according to Redfin’s most recent Real-Time Homebuyer Survey. For its report, Redfin surveyed 1,772 active homebuyers across the 22 markets it covers. Respondents hailed from all over the country. Out of those polled, 56 percent said rising rates have impacted their ability to buy a home “somewhat,” while an additional 7 percent said rates are impacting them “a lot.” When asked how rates have affected their home search, 33 percent said they’re speeding up their search before rates get too high, 20 percent said they’re slowing their search, and 1 percent have stopped looking altogether. In addition, more homebuyers pointed to rising mortgage rates as one of their major concerns with buying a home right now, with 53 percent giving that response. However, inventory shortage was still the chief concern, earning 58 percent of responses.

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