Mortgage Rates Decline...Again

Mortgage Rates Decline...Again

  • Renee Merritt
  • 01/27/23

One of the key factors drving home buyers to the sidelines is rising interest rates. The cost to borrow puts pressure on budgets by driving up monthly payments. While this doesn't necessarily impact cash buyers or those with significant home equity they can cash out of their current home when selling, interest rates ripple throughout the real estate market because fewer buyers mean less competition for homes. Less competition means sellers have to work harder or make more concessions to attract buyers. The recent meteoric rise in interest rates have cooled the market in the greater Phoenix area, but market watchers are hoping that rates have peaked and will bring a much-needed break to buyers and reinvigorate the Spring market. But will it? Barron's talks to key experts to answer that question. 


We are here to help! If you want to find out how much your home is worth in this strong market, email me at [email protected]. We would be happy to help you determine if the time is right for you to sell your home or buy a new home.


Image credit:  Nick Youngson CC BY-SA 3.0 Alpha Stock Images

Work With Us

​Whether you're looking to buy a dream home, sell a property, or invest in a real estate opportunity, we have you covered. With over 24 years of combined real estate experience, every member of The Merritt Group Fine Properties team offers keen market insight and knowledge that is only acquired through years of navigating the every changing Phoenix area market. Let our extensive expertise and 'White Glove' service work for you!