Yes, high mortgage rates should temper demand somewhat, all else equal. But the effect may not be as large as you might expect given the increasing prevalence of all-cash buyers.
Unfortunately, high mortgage rates also work to reduce supply. A lot of homeowners who locked in 3-ish% mortgage rates in the last couple years don't want to move unless absolutely necessary, because that would mean refinancing at a higher rate.
Looking for a home is stressful, but keep saving and be patient. I wish you good luck.
Unfortunately, high mortgage rates also work to reduce supply. A lot of homeowners who locked in 3-ish% mortgage rates in the last couple years don't want to move unless absolutely necessary, because that would mean refinancing at a higher rate.
Looking for a home is stressful, but keep saving and be patient. I wish you good luck.