COLUMBIA, Mo. (KMIZ)
Soaring inflation and rising interests have experts concerned about recession risks coming our way.
One indicator could be in an economy slowed by rising interest rates.
According to the National Association of Home Builders, rising mortgage interest rates could make housing affordability challenging for people in 2022. Experts state this will primarily affect first-time homebuyers who will be hit with higher costs.
Experts warn that higher mortgage rates will slow sales and construction. Data shows that since the start of the year the average 30-year fixed mortgage increased from 3.1% to 4.67% by the end of March. This was the fastest rate increase in percentage terms in decades.
Permits for new single-family home building in Boone County fell between March and April, with an even greater drop seen since last fall.
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https://abc17news.com/news/columbia/2022/05/23/experts-warn-of-recession-risks-as-home-sales-construction-show-signs-of-slowing/
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