{"id":74977,"date":"2022-09-07T06:00:43","date_gmt":"2022-09-07T13:00:43","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=74977"},"modified":"2022-09-06T12:32:39","modified_gmt":"2022-09-06T19:32:39","slug":"silver-lining-for-buyers-rising-mortgage-rates","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/silver-lining-for-buyers-rising-mortgage-rates\/","title":{"rendered":"Mortgage Rates Have Nearly Doubled in the Last Year. Here\u2019s the Bright Side For Homebuyers."},"content":{"rendered":"

Home prices are down 6% from the record high they reached in June, bidding wars are at their lowest level in more than two years and the typical home is finally selling for under its asking price.\u00a0<\/span><\/i><\/p>\n

In July 2022, 53 Austin<\/a> homes sold for at least $100,000 above their asking price, equal to about 2% of all homes sold during the month. That\u2019s down from 163 (4.7% of all homes sold) a month earlier and 362 (9.1%) a year earlier near the height of the pandemic homebuying frenzy.\u00a0<\/span><\/p>\n

That\u2019s a prime example of the slowing housing market giving buyers a break after nearly two years of an ultra-competitive environment. The average 30-year fixed mortgage rate has nearly doubled from a year ago, reaching <\/span>5.66%<\/span><\/a> during the week ending September 1. Though higher mortgage rates are making it even <\/span>more <\/span><\/i>expensive to buy a home after two years of skyrocketing prices, the silver lining is that they have thrown some water on the red-hot market.\u00a0<\/span><\/p>\n

Below, we\u2019ve compiled some of our most recent housing-market stats illustrating the bright side of the cooling market for buyers.\u00a0<\/span><\/p>\n