Despite higher mortgage rates, the real estate market has seen an increase in buyer activity. There are several factors that could be contributing to this trend.
First, the pandemic has caused many people to reconsider their living arrangements, leading to a surge in demand for larger homes, homes with outdoor space, and homes in suburban and rural areas. This increased demand may be driving buyers to act quickly, despite higher mortgage rates.
Second, the economy has been recovering from the pandemic-related recession, and many people have been able to save money during this time. This may be making it easier for buyers to afford higher mortgage rates.
Third, while mortgage rates have increased, they are still relatively low historically. This may be leading buyers to view the current rates as a good deal and to take advantage of them while they can.