To combat record inflation, the fed is raising interest rates for the second time this year. It’s having a direct impact on the mortgage industry, including here in South Florida. During the peak days of the pandemic, as fast as a house would go on the market, offers would come pouring in. “If you’re buying a home (today), you’re in a really good spot to not have multiple offers and the craziness that we’re used to seeing the last two years,” said Tequesta real estate agent Holly Meyer Lucas.
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Miami-Dade County real estate posted its 10th-highest total existing home sales month in history and its second-best May sales month ever, according to the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system. © SeanPavonePhoto – Fotolia.com “The rapid rise in mortgage rates, from an average of 3% to 6% over the
