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Only 5% of respondents to a Redfin survey said they'd call off their home search if rates climbed above 5%
Prospective homebuyers aren’t being scared away by rising mortgage rates — even if they creep up over 5 percent for a 30-year mortgage — according to a new study from Redfin.
Of the more than 1,300 respondents surveyed by the Seattle-based real estate brokerage in May, only 5 percent said they’d call off their home search if rates — which recently climbed to 4.5 percent — hit the 5 percent mark. Conversely, 24 percent said such an increase would have no impact on their search.
“Homebuyers are well-aware that higher mortgage rates means higher monthly payments, but mortgage rates remain very low, historically, and buyers will make compromises,” said Taylor Marr, senior economist at Redfin in a release.
“Most of the pressure buyers are feeling is from competition for a very limited number of homes for sale. The fact that such a small share of buyers will scrap their plans to buy a home if rates surpass 5 percent reflects their determination to be a part of the housing market.”
The data is pretty consistent with similar surveys, that Redfin conducted in both May and November of 2017.
The survey reached out to 4,264 people from the general population who had indicated they had either bought or sold a home sometime in the past year, tried to buy or sell a home within the past year or plan to do so this year, according to Redfin.
Mortgage rates have stabilized in recent weeks, according to the latest data released by Freddie Mac, after rising steadily from 4 percent to slightly more than 4.5 percent over the past year.
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Listing Information Copyright 2018 Multiple Listing Service of Lake Ozarks Board of REALTORS®, Inc. Listing Information Copyright 2018 Multiple Listing Service of Bagnell Dam Association of REALTORS® MLS, Inc. The data relating to real estate for sale on this website comes in part courtesy of the Broker Reciprocity Internet Data Exchange Program of the Multiple Listing Service of Lake Ozarks Board of REALTORS®, Inc. The data relating to real estate for sale on this website comes in part courtesy of the Broker Reciprocity Internet Data Exchange Program of the Multiple Listing Service of Bagnell Dam Association of REALTORS® MLS, Inc. Real estate listings held by brokerage firms other than John Farrell Real Estate are governed by MLS Rules and Regulations and detailed information about them includes the name of the listing companies. The information being provided is for consumers' personal, non-commercial use and will not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information herein is believed to be accurate and timely, but no warranty as such is expressed or implied. Information last update on 2018-08-20