SPOKANE, Wash. —With rising inflation comes higher mortgage rates, making it harder for Washington homebuyers to find a house they can afford.
This appears to be a better time for sellers, not buyers. With rising inflation, mortgage interest rates have increased as well. It is becoming harder for people looking to purchase a home to find a house within their budget. The Spokane Realtors Association says the conventional 30-year interest rate jumped to 7.37%.
According to the Association’s President, Elizabeth Beatty, the market is becoming unpredictable.
“It’s kind of a tumultuous market where we’re experiencing ‘oh, things are really good. We’re feeling the relief of those lower interest rates and things coming down,'” said Beatty. “And it doesn’t take so long for itself to drive itself right back up, so that’s where we are currently.”
Not only are interest rates becoming more expensive, but a shortage of homes in the United States is making the home-buying process harder. House prices are becoming increasingly expensive, and there are fewer houses for buyers to choose from.
Due to the housing market, those looking to sell their homes are seeing a more positive effect. The average single-family house can sell quickly, and homeowners looking to sell can make a profit off their homes.
