""The war in Iran has seriously complicated the spring buying season. I expect that many buyers will be put off by rising rates and mounting economic uncertainty, choosing to bide their time rather than jumping on board for a purchase before rates go up.""
"Home shoppers who can afford to buy at current mortgage rates this spring are likely to find a more buyer-friendly housing market than this time last year. That means they'll have more leverage when negotiating with sellers, who in many cases are watching their property go unsold for weeks.""
The war with Iran is causing rising mortgage rates, which are now at 6.46%, the highest in nearly seven months. This increase is driven by surging energy prices and inflation concerns. Although rates are lower than a year ago, the upward trend has led to a slowdown in mortgage applications. Many buyers may delay purchases due to economic uncertainty. However, those who can afford current rates may find a more favorable housing market with increased negotiating power against sellers.
Read at Fortune
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