The Housing Market Just Did Something It Hasn't Done Since 2007
During the pandemic, housing inventory dropped as sellers hesitated to put their homes up on the market. That glaring lack of supply created a boom in home prices, and to this day, sellers are getting away with charging a premium for properties that, just two years ago, would've fetched a lot less money.
But still, up until the start of 2022, buyers had a bit of a reprieve within the context of a low-inventory market. That's because mortgage rates fell to record lows during the second part of 2020, and they managed to stay low throughout 2021.
But rates have risen sharply since the start of the year. At the very beginning of 2022, it was possible to snag a 30-year mortgage for well under 4%. Now, the average 30-year loan is at just over 5%.
Source Fool.com
