Mortgage Rates at 20 year high - How will it impact the Myrtle Beach Real Estate Market?

This past week, national mortgage rates topped the 7% mark - making it the highest interest rate we have seen in 20 years.  This is for a primary resident therefore investment properties are even higher.

This, no doubt will take even more Buyers out of the market.  Just in looking at an average price of $360,000 in Myrtle Beach for homes, the difference in mortgage payment is up over 60% from the Mortgage rates we had just a year ago.

Abe Safa & Greg Harrelson discuss how this is impacting our real estate market and what you can expect. 

 

If you have any questions or would like to discuss the market or your property, reach out to Abe at (843) 360-2145

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