For the 4th week in a row, the thirty year mortgage interest rate has risen which has impacted real estate sales across the country. With these rates now pushing 7%, the buying power of Bend homebuyers has diminished.
With this change, few sellers are putting their homes of the market. Why sell a home with a great interest rate when the replacement home will cost so much more to finance? Both Bend home buyers and Bend home sellers are making decisions based on the cost to finance and when mortgage rates rise, often the decision made is to do nothing.
Although there is always a downward seasonal adjustment for Bend home sales in the winter, the number...