Selma Hepp said higher rates are still possible as mortgage borrowing costs remain sensitive to broader market pressures.
Forecasts point to a sharp rise in home heating bills, with local fuel dealers promoting payment plans and protection programs to ease the strain.
Local Realtors say the latest rate spike is making affordability tougher, especially for first-time buyers, while some shoppers are leaning more on cash and less on financing.
Economists and brokers say elevated borrowing costs and a shortage of listings are making it harder to buy in Northeast Wisconsin.
Bankrate says the average 30-year fixed mortgage is back above 7 percent, while the Federal Reserve’s September rate increase may keep pressure on borrowing costs.
Zillow says the monthly gap between renting and buying in Memphis has widened as rates, taxes and insurance keep new mortgage payments far above average rent.
Buying in a high-rate market brought less competition, more room to negotiate, and a chance to refinance later.
Homeowners over 65 are choosing renovations over moves, reshaping demand for accessibility upgrades and keeping bigger houses off the market.
Rates briefly reached 7.49% last week, while inventory, pending sales and purchase applications all pointed to a softer housing market.
Stocks have delivered stronger returns than homes over the past decade, while a frozen housing market is giving buyers more leverage.