Housing market cools off as mortgage rates rise

Source: Click Orlando — 

ORLANDO, Fla. – Between economic uncertainty and booming interest rates, the once red-hot housing market is starting to cool off.

Buying a home during the pandemic was extremely competitive as a combination of low mortgage rates, low inventory and high demand caused prices to spike — especially in Florida.

It’s a completely different environment today, though. Inventory is up by more than 100% year-over-year, according to data from the Orlando Regional Realtor Association, while mortgage rates are 131% higher since this time last year.