Mortgage rates grew higher for the 5th week in a row, with the 30-year mortgage rate hovering around 7.2%, according to Freddie Mac. With so much uncertainty in the market, is now a good time to invest? Is there more to the story than just mortgage rates?
The Connor Group Founder Larry Connor joins Wealth! to give insight into the mortgage rate environment and what potential investors in the housing market should keep in mind.
As a seasoned investor in multi-family real estate, Connor gives this advice: "Be patient. I think mortgage rates, maybe not over the next six months or the next few years, we believe will moderate. Think about this, apartment communities versus homes. Apartment communities, if you’re going to build one, it takes three to four years from the time you start planning to complete it. That’s why the supply is delayed, and that’s why in a number of markets like Austin, they’re doing concessions because there’s way too much supply of huge building between 2020 and 2023."
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