Western Washington’s housing market stalls as mortgage rates rise to mid-6%, causing buyer hesitation amid global uncertainty, says a local mortgage expert.
SEATTLE — Western Washington’s spring housing market is losing momentum for the third straight year, as rising mortgage rates and global uncertainty give buyers pause, according to a local mortgage expert.
After dipping below 6%, mortgage rates recently climbed back into the mid-6% range following geopolitical tensions that drove up oil prices and renewed inflation concerns,
“It was literally over a weekend,” said Emily Bort with Movement Mortgage. “We saw rates go from under 6% to the mid-6s, and people just stalled.
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