The current housing boom will flatten in 2022—or possibly early 2023—when mortgage interest rates rise. There is no bubble to burst, though prices may retreat from panic-buying highs.
The boom produced some frantic buying, bids in excess of asking prices, and plenty of worry among would-be homeowners. But this has not been a bubble. A bubble is not simply rising prices, but demand not justified by fundamental economic factors. The key to the buying boom has been low mortgage rates plus a shift in desired housing type.
For the full article, click here: https://www.forbes.com/sites/billconerly/2021/07/27/the-end-of-the-housing-boom-will-be-when-mortgage-rates-rise-in-2022/?sh=a8efc9e6770b
Somerset County’s most unique trails and nature preserves
