As the summer begins to heat up, the bizarre dynamics of this wild housing market become more apparent. If someone had shown a group of housing experts a chart of current interest rates their prediction would differ immensely from the reality that has unfolded over the past 3 months. In January 2021 the average 30-year mortgage was 2.65%. Now two and half years later the rate is more than 2x higher coming in at 6.92% as I record this video. Yet despite the incredible rise, home prices are not cooling. According to RedFin numbers from June 4th, the median home price in America is $379,000. Slightly below last year’s all-time high, but still incredibly expensive when looked at through the lens of history.
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