Sandy — Soaring mortgage interest rates are slowing home sales in Utah and across the country. The average 30-year, fixed-rate mortgage increased to 6.3 percent today, according to Freddie Mac.
Higher rates are disqualifying home buyers from financing. Home sales of all housing types in August fell to 1,204, down 27 percent from sales in August 2021.
“The Federal Reserve’s aggressive rate hikes seem to be having little effect on inflation, but a chilling effect on the housing market,” says Steve Perry, president of the Salt Lake Board of Realtors®. “We are selling about 400 fewer homes a month than the 10-year average.”
Active listings on UtahRealEstate.com topped 10,000 homes, a 150 percent increase over the 4,000 active listings at this time last year. The number of homes for sale has reached a balanced level.
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