Average long-term U.S. mortgage rates climbed over 6% this week threatening to sideline even more homebuyers from a rapidly cooling housing market. Rising interest rates — in part a result of the Federal Reserve’s aggressive push to tamp down inflation — have cooled off a housing market that has been hot for years. Sales of existing homes in the U.S. have fallen for six straight months, according to the National Association of Realtors.
Today on AirTalk, we discuss the impact of this interest bump for the real estate market in Southern California with USC’s Lusk Center for Real Estate director & chair, Richard Green, and Eddie Urrutia, production manager at Berkshire Hathaway HomeServices in South Gate.
The original interview can be found here.