According to data from Freddie Mac, 30-year mortgage rates have once again risen above 7%. As home prices continue to rise and inventory remains low, the potential for new homebuyers to afford a home dwindles.
Kinloch Partners Co-Founder and CEO Bruce McNeilage joins Yahoo Finance to break down what higher mortgage rates mean for homebuyers and the overall demand for homes.
McNeilage affirms his stance on why mortgage rates will increase: "I’m calling 8%. There is not enough supply out there. Supply and demand is working. The value and price of homes is just simply not going down. If anybody is waiting to get a house and can get a mortgage right now I would suggest they do so. If you can’t do it and can’t afford a house, there’s opportunities to rent brand-new ones out there for folks. "
He continues later on discussing how the American dream has changed: "It used to be you bought your house, you saved for retirement, you got a gold watch when you retired and moved to Florida, right? Those days are really over. People want experiences now. They want to be mobile. So I think a lot of people like the lock-and-leave lifestyle where they can move and just pick up without being tied down to a house and having to sell it. And so a lot of people are finding buying a brand-new house is much tougher and renting it is easier."
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