In 2 Decades, Mortgage Rates Hit Their Highest Level. This is Scaring Home Buyers. It also turns the housing market upside down.

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You might think that many potential buyers would be interested in seeing inside a home in a desirable location. But, Inside Edition found out that no one attended an open house in a suburb near New York City.  

It could also be that the housing market has been turned upside-down, with mortgage rates at their highest level in 20 years.  

Inside Edition’s four-bedroom, four bathroom home is located just a few minutes from New York City in Ridgefield. It’s on the market for a little over $1 million, but the price has been lowered by $100,000. It’s still available for sale after two months because potential buyers are afraid of the high mortgage rates. 

A year ago, the realty boom brought on by the pandemic saw open houses crowded with potential buyers. Even a beautiful home in a great school area with modern bathrooms and a kitchen is on the market. 

Christine Tremain, of Weichert Realtors, says that mortgage rates will eventually go down. 

“You can always refinance…nearly everyone is eligible to refinance,”She said. “You can’t always worry about the rates, it’s going to go up and down, it’s just when, is it right for you?” 

 

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