Housing forecasters are counting on higher mortgage rates to tame the Dallas area’s runaway home market.
The biggest increases were in markets such as Celina , Frisco and Southlake , and Melissa, Prosper and Oak Cliff . With the Federal Reserve planning to hike borrowing costs this year to battle inflation, housing analysts expect mortgage rates to head higher.“That will cool off the housing market,” he said. “I think mortgage rates are going to go up a lot more than anyone imagines, and it will slow the housing market down.”
The increase in mortgage costs may be less of an obstacle for the thousands of buyers moving to North Texas from higher-priced housing markets, he said.
Source: News Formal (newsformal.com)
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