Portland Housing Affordability 9-29-2022

Portland's housing affordability update for 9-29-2022

As of September 29, 2022, the average 30-year fixed mortgage rate in the US rose to 6.7%, up from 3.01% last year at this time, according to Freddy Mac.

Is this just the usual seasonal slowing or have interest rates and inflation reached a point where they are affecting seemingly insatiable buyer demand?  It is a mix of both, but higher interest rates are having a lot of influence on the time it takes to get a house sold.

Want to know how to best position yourself in this rapidly changing market?  Reach out to us.  We're here to help you achieve your real estate related goals.

The calculation of the reduction in purchasing power shown above assumes a 5% down payment, uses the average 30-year fixed rate mortgage rates reported by Freddie Mac for the weeks shown, and uses the average single-family sales prices as reported by the Regional Multiple Listing Service (Portland, OR area MLS).  No taxes or insurance figures are included.  The change in purchasing power is a scenario showing the change in purchase price given that the monthly payment in the previous time period would be the same monthly  payment in the latter, with all else being held equal.  The figures used are for illustration purposes only to convey to readers the impact changing interest rates and real estate prices have had on buyers and sellers.  We are not mortgage lenders; this is not an offer to lend money.  Please contact your mortgage lender to obtain quotes and to discuss mortgage loan programs that might be a fit for your circumstances.