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Why Bay Area home prices unlikely to drop despite higher mortgage rates

Source: SF Chronicle

Mortgage interest rates recently exceeded 5% for the first time in more than a decade. However, there are few signs that the sharp rise in mortgage rates will lead to noticeable declines in Bay Area home prices anytime soon.

The average interest rate for a 30-year fixed-rate mortgage reached 5.11% last week, up from 3% at the start of the year. But, experts say, low inventory and a willingness from high-earning home buyers to engage in bidding wars are expected to keep the Bay Area’s home prices from declining.

About Community Real Estate

Community Real Estate is a Real Estate Brokerage committed to provide quality professional services. We are a full service company with in-house lending. We are Realtor®s and HUD approved selling agents. We are expert Short Sales, Listing Agents and Buyers’ Agents. We also specialize in First Time Buyers, Second Homes, Vacation Homes, Investment Homes, Leasing and Rentals, Relocations, Probate sales, Vacant Land sales, Manufacture Homes/Mobile Homes sales, Foreclosures, Distress Properties and REO listings and sales. We support our America’s Heroes. We look forward to meeting you and your needs!
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CA Department of Real Estate Lic.# 01960213
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