March 2022 Greater Cincinnati Luxury Real Estate Market Report
Mortgage rates have bumped up quite a bit and the average mortgage rate as of writing this update is 5%. Mortgage applications and refinance applications have slowed down as a result. Inventory in the luxury market remains unchanged from last month but the median price is down a bit along with the days on market. As interest rates remain higher than a few months ago and even increase further compared to today's rate more buyers will pause their goal of buying a home or start to shop for homes priced at a lower point.
- Mortgage Rates Breach 5% - With 4% in the rear view mirror 5% just starting how housing buyers will react remains to be seen.
- Highest Mortgage Rates In Over 6 Years - With higher mortgage rates this article predicts a recession coming soon as well.
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