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Rates should stabilize, but more homes needed

The major broken record takeaway this spring is the same. 

Elevated mortgage rates are prompting many homeowners to stay put, resulting in bidding wars as buyers compete for a small pool of homes.

But buyers and sellers can at least take a little comfort in knowing the Federal Reserve probably won’t raise interest rates again anytime soon.

“While a pause in Fed rate hikes doesn’t mean a significant drop in mortgage rates is coming, it does at least alleviate one layer of uncertainty in the housing market,” said Redfin Economics Research Lead Chen Zhao. “Unexpectedly bad inflation data, more banking turmoil or failure to raise the U.S. debt ceiling could throw a wrench in the Fed’s plans, but homebuyers and sellers can feel a little more confident that mortgage rates won’t skyrocket again.”

For now, homes are getting snatched up quickly as a shortage of listings sparks bidding wars between the buyers who remain in the market despite elevated mortgage rates.

So if you want to sell for any reason, now is a great time.  Give us a call 

about what your home may be worth. 

We deeply appreciate the trust and partnership you have extended to us. As some of the best realtors in Los Feliz and Greater Los Angeles, the Riley Real Estate & Home Mortgage team is dedicated to assisting you in discovering your dream home in the beautiful neighborhood of Los Feliz and surrounding Los Angeles areas.  We eagerly anticipate the opportunity to serve you in buying, selling, investing and mortgages and earn our reputation as a top realtor and make your real estate aspirations a reality.


Riley Schmidt

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