Northeast Ohio
Real Estate
May 6. 2022
Happy Friday!
Hope you are doing well and had a great week!

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Mortgage Rates

The average rate for a 30-year fixed-rate home loan rose to 5.27% from 5.1% a week earlier. That marked the weekly figure’s highest reading in nearly 13 years.

Today's rates continued what has been a rapid surge as the busy spring selling season takes hold. The average rate on America’s most popular home loan was 3.22% in early January and 2.96% a year ago. From January to April, rates rose at their fastest three-month pace since 1994.

On Wednesday, the Federal Reserve raised interest rates by half a percentage point in a bid to curb inflation. Chairman Jerome Powell indicated that additional half-point increases could be warranted at meetings in June and July.

Higher rates can translate into larger monthly payments for borrowers, who are getting creative in response. Some buyers are paying fees to cut their mortgage rates or boosting their down payments to lower their monthly bills. Demand for adjustable-rate mortgages has risen sharply in recent months.

The bottom line is, even with the increase, it could still be a great time to look into buying. Please reach out for more information
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May Update
The booming housing market helped the U.S. economy come back from the financial and economic impacts of the COVID-19 pandemic. Housing kept the economy afloat as home prices rose and buyer demand intensified.

However, this year has already thrown some curveballs, including record-low inventory and unyielding inflation.
Builders are still unable to make up for the slowdown of new construction during the recession. In addition to supply chain challenges, there’s very little availability of residential land due to regulations and zoning at the local level. Meanwhile, consumer demand has led to home prices taking a 9.1% jump in 2020 and another 16.9% leap in 2021.

Rents are also up and we predict inflation will remain elevated for the next several months.

Forecasts predict that by the third quarter, there will be a decline of about 15% in units sold compared with the prior year. This means we may be getting the unit sales back to pre-COVID days. But prices are not retreating.

In summation, there are still transactions that are happening. But, it's just a different market than a few months ago, and very different than a few years ago.









Annual Walk MS TOMORROW!


I'm proud to be sponsoring another Walk MS Team again this year! In 2022, the event returns to Downtown Cleveland. Please join me for the fundraiser, or please think about a donation to a wonderful non-profit.

If you are able to join the walk, please text me for info on meeting tomorrow. My cell is 216.990.5719

Thank you for your consideration!

Click here for the ---> Walk MS Information
Pat Barmann
216.990.5719