With the inflation rate at a 40-year high and mortgage rates expected to continue rising, we would like to know how you have adjusted your expectations about buying or selling a home.
The 30-year fixed mortgage has already risen 1.5 percentage points to 5.39 percent since the beginning of this year, making buying a home more expensive. The Federal Reserve is expected to raise rates by half a percentage point in both June and July, putting more upward rate pressure on mortgages and other consumer loans, including credit cards.
More Mainers already are turning to less expensive, riskier adjustable-rate mortgages. There are signs the real estate market is cooling, with building permits dropping sharply in March. Home sales dipped for the third month in a row in April even though prices continued rising because of low inventory.
Tell us how you are adjusting your real estate expectations in today’s economy, with rising prices for food, gas and utilities and uncertainty entering the real estate market.
