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Experts: Rising mortgage rates won’t cool hot housing market, but could impact buyer behavior – Hawaii News Now

HONOLULU (HawaiiInformationNow) – Mortgage prices proceed to rise, however that’s not anticipated To relax Hawaii’s scorching housing market.

Based mostly on Freddie Mac, 30-yr-mortgage Costs of curiosity now stand at 5.23%.

However, exact property particularists and bankers don’t assume Which will strain down doc extreme prices.

What It’d do Instead: Change buyr conduct.

“The low prices that we had By way of the pandemic For two yrs was unprecedented,” said Rusty Rasmussen, Central Pacific Financial institution house loans division senior Vice chairman.

“We thought It might rise extra slowly. We knew it was going To return up, however not this quick.”

A speedy rise: Particularly contemplating that it was again in April that 30-yr-prices moved above 5% for The primary time in a decade.

This as Hawaii’s median single-household house worth stands at $1.15 million.

Regardless of the doc numbers, demand reprimarys and Realtors don’t anticipate potential consumers to stroll away.

Instead, they’ll re-assess.

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Source: buyer-behavior/” target=”_blank”>https://www.hawaiinewsnow.com/2022/06/10/experts-rising-mortgage-rates-wont-cool-hot-housing-market-could-impact-buyer-behavior/

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