NORTH CAROLINA, USA — Market experts tell WCNC Charlotte that mortgage rates have been volatile, which has skewed home prices. Gone are the days of a 3% interest rate where people flocked to buy or refinance. Now, there's a lull as the market entices sellers who are reluctant to give up their cheaper mortgage rate.
"It is definitely skewing the housing market which makes it harder for buyers," Jeff Ostrowski, an analyst with Bankrate, said.
He said there's a delicate dance within the housing market, as people look at it and don't see many options.
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"If you're really ready to buy, just buy," Ostrowski said. "On the other hand though, if you're not quite ready to do buy just yet, that's OK."
While prices have fallen and rates are up, Shivam Patel of Patel Standard Realty said there are ways around those two factors -- but he said they aren't for everyone.
"There's this strategy of dating the rate and marrying the price, and with prices being so low, you can lock in the price and take a high interest rate," Patel said. "You can refinance later when it drops."
Patel's company also offers what's called a 3-2-1 mortgage, which is another strategy aimed at finding the best rate within three years where you can refinance later.
"If you find the right pockets or the right areas, you'll have high growth, high appreciation and high value," Patel said. "You just have to find it."
Contact Colin Mayfield at cmayfield@wcnc.com or follow him on Facebook, Twitter and Instagram.