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Posted inBusiness


HIGHER MORTGAGE RATES WILL SLOW MAINE’S HOUSING MARKET

by Lori Valigra May 5, 2022May 5, 2022


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This property in Houlton sold in this August 2020 file photo. Credit: Alexander
MacDougall / Houlton Pioneer Times

Crushing inflation, low housing inventory and rising mortgage costs are expected
to slow the red hot housing market in Maine and across the U.S., a national
economist warned.

The Federal Reserve raised interest rates half a percentage point on Wednesday
to tamp down inflation. It was the biggest hike in two decades and one that will
ripple down quickly to mortgage, auto and other types of consumer loans.


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Mortgage interest rates for a 30-year fixed note have been less than 3 percent
for most of the past two years, but they have been rising since February to top
5 percent now. The Federal Reserve’s hike will push them up more, taking home
ownership even further out of reach for many Mainers and causing others to
wait until prices fall.

“Mortgages now compared to just a few months ago are costing more money for home
buyers,” Lawrence Yun, chief economist for the National Association of Realtors,
said. “For a median-priced home, the price difference is $300 to $400 more per
month, which is a hefty toll for a working family.”

Buying a home now is about 55 percent more expensive than one year ago. Wages
have been rising, but rising mortgage rates and inflation will wipe away their
benefit, he said. The war in Ukraine and escalating fuel prices also will make
housing more unaffordable, he said.




Yun predicted that the higher mortgage rates will slow the U.S. housing market.
Other signs that could happen are the five-month decline in pending home sales
nationally and a drop in sales for newly constructed single-family homes.

There are signs in Maine that sales already are declining because of low
inventory. Single-family home sales were down more than 21 percent in March
compared to the previous year, according to the Maine Association of Realtors.
Sales declined by double digits in almost all Maine counties. At the same time,
the median sales price rose 21 percent to $325,000.

“We continue to experience unprecedented market conditions for Maine real
estate,” Madeleine Hill, president of the Maine Association of Realtors, said.
“We anticipate the current inventory demand to remain at historic levels through
2022.”

The real estate industry accounted for $14.8 billion or 19.5 percent of Maine’s
gross state product last year, making it the biggest contributor to the state’s
economic growth.


MORE ARTICLES FROM THE BDN

RISING LONG-TERM INTEREST RATES ARE POSING THE LATEST THREAT TO A US ECONOMIC
‘SOFT LANDING’

WASHINGTON (AP) — Surging interest rates are intensifying the challenges for the
U.S. economy and threatening to derail the Federal Reserve’s drive to tame
inflation without causing a deep recession.Since mid-summer, the yield on the
10-year Treasury note, a benchmark for many loans, has steadily climbed, causing
a spillover rise…

HOW MUCH NEW HOUSING MAINE HAS ALLOWED SINCE 1980

A new report says Maine must nearly double annual new home permits to make up
for historic shortcomings and population growth.

STOCK MARKET TODAY: WALL STREET BUCKLES UNDER HIGHER BOND YIELDS AS DOW WIPES
OUT GAIN FOR THE YEAR

NEW YORK (AP) — Wall Street fell sharply Tuesday as it focused on the downside
of a surprisingly strong job market.The S&P 500 dropped 1.4% to its lowest point
in four months. The Dow Jones Industrial Average tumbled 430 points, or 1.3% and
wiped out the last of its gains…


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Tagged: afternoon


LORI VALIGRA

Lori Valigra, investigative reporter for the environment, holds an M.S. in
journalism from Boston University. She was a Knight journalism fellow at M.I.T.
and has extensive international reporting experience... More by Lori Valigra


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