The Agency founder and CEO Mauricio Umansky discusses the rise of mortgage interest rates and how buyers struggle to afford a house on ‘The Bottom Line.’
Netflix star and The Agency founder and CEO Mauricio Umansky is eager to see home sales pick up steam this spring, but the celebrity agent is warning that buyers and sellers may still be stuck in a price rut.
“Right now, consumers and sellers are just kind of stuck,” Umansky said on “The Bottom Line” Wednesday. “Even if you’re in a situation where you’ve had a kid, you’ve had two kids, you have the opportunity to grow into something bigger, the high interest rates are just not allowing you to make that move.”
“I just see clients kind of dealing with what they have, kind of hanging in there,” he continued.
Many homeowners across America have been discouraged by a high interest rate environment and not wanting to move, refinance and ultimately pay a more expensive mortgage.
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As of April 17, interest rates on a 30-year fixed-rate mortgage are 7.625%, slightly higher than the previous day, while the 15-year fixed-rate remained unchanged at 6.625%.
The Agency founder, CEO and “Buying Beverly Hills” star Mauricio Umansky talks high interest rates and the best time to sell your home on “The Bottom Line.” (Fox News)
Additionally, a string of hotter-than-expected inflation data since the start of the year has diminished the odds of an immediate interest rate cut by the Federal Reserve.
Fed Chair Powell said Tuesday that policymakers will “maintain the current level of restriction for as long as needed” until price pressures are tamed, opening the door to a higher-for-longer stance.
“Because of that, we’re seeing a lack of supply.
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