Graham Stephan, relaying another source: Mortgage rates will rise

The window it was checked over

30-year fixed mortgage rate: Freddie Mac PMMS via FRED, figures as first published. The shaded span is the window the call was checked over; grey bands are recessions.

What was said around it

2020 wouldbe homeowners took that as an opportunity to lock in a really cheap loan that would allow them to purchase even more house and therefore drive up the price that's because home prices and interest rates are directly correlated and since the 1970s the lower interest rates go the faster home values increase leaving us in unique position where eventually interest rates might have to go back up now originally this was planned to happen in late 2023 but now that inflation is rising faster than expected some anticipate that a rate increase could happen as soon as 2022 meaning the cost of a mortgage could get more expensive and that would put downward pressure on housing prices the second more inventory for sale now here's the thing as the pandemic began to take shape in March of last year fewer properties were listed on the market for sale Realtors had a difficult time showing properties and sellers preferred to take their home off the market and stay put rather than sell their home and put themselves at risk but when you combine that with low interest rates and eager buyers willing to scoop up anything they can just to lock in a loan that limited inventory pushed prices way higher

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