SD Realtor, I totally agree. Those of us who locked in at this low rate, why sell when rate rise? Especially if rate rise above the current mortgage rate. If anything, I would drag that out as long as possible, since my money would be earning a higher interest rate than the bank is charging me.
If rent and income rises, why would you sell when your monthly cost to rent a similar place would be higher than your mortgage and your take home pay would make servicing that mortgage even easier.
I think the only way we’ll see lower price is if we have job loss and declining income. I.E. if we see deflation, not inflation. You won’t see rate rising with deflation.
