Interesting times for the Dallas real estate market as several neighborhoods are seeing homes sell fast for thousands more than they would have just 18 months ago. But with the Federal Reserve toying with interest rate changes, will next month’s forecast be far less optimistic than the June breakdown from Local Market Monitor?
“Low Risk” is how Local Market Monitor is characterizing our market when it comes to real estate investment. Home prices in the Dallas-Irving-Plano area are forecast to grow 4 percent in the next 12 months.
But could interest rate volatility put a damper on that growth? According to this piece by HousingWire, interest rates are on a dramatic upswing:
Mortgage rates are skyrocketing with one real estate firm reporting a 50-basis point hike for the 30-year, fixed-rate mortgage in just the past week.
That honor goes to Zillow, which released data showing that on Tuesday the 30-year, FRM hit 4.38%, up 50 basis points from seven days ago.
A week ago, the same mortgage rate came in at 3.88%, according to data from Zillow.
Yikes! I guess if you’ve sat around waiting to refinance or buy as interest rates bottomed out, you missed your window. Still, job growth and the expanding population of the Dallas area are keeping Realtors busy.