Mortgage rates took another substantial jump last week, with the 30-year fixed mortgage rate averaging 6.70%, according to Freddie Mac.

Rates have increased by over 1.5 percentage points over the last six weeks. Overall, the 30-year rate has more than doubled since the first of the year, with the increase in mortgage rates bringing a notable cooling off to what was once a searing hot housing market.

With mortgage rates on the rise, the higher prices may keep some potential buyers on the sidelines.

Those looking to make a lateral move, may be more likely to stay in their current home for the time-being. First-time buyers, in particular, may reach their threshold of affordability and decide to wait just a little bit to see how things shake out.

However, for many buyers, the current mortgage rate is inconvenient, but won’t keep them from buying, particularly if their work necessitates a move or they need to get out of a rental.

While the market may seem uncertain right now, it may still be the right time for buyers who are well-prepared financially to take on homeownership.

We may be headed toward a buyers market as inventory increases and prices begin to decline. We advise sellers to be strategic and well-informed when pricing their home.

Catching up to rapid price decreases and utilizing recent comparables will allow buyers who have been shut out of the purchasing process for the past 18 months to potentially put an offer down.

To identify the sweet spot in the pricing of a home, it is important to articulate a figure that is reflective of a home’s fair market value based on floor plan, size, and condition.

Your agent will share comps to determine how much your home is worth in the current market.

Higher mortgage rates are having a huge impact on the housing market.

After a brief increase, the volume of mortgage applications decreased by almost 4% for the week ending Sept, 23, according to the Mortgage Bankers Association.

Current data reflects that applications for new purchases and refinances declined last week as mortgage rates increased to multi-year highs following substantial measures from the Federal Reserve to help decrease inflation.

Some effective tips for home buyers this fall include seeking education on the market and fluctuating realities, finding out about any financial assistance or programs you may qualify for, getting pre-approved for your home loan and leaning on resources and agents you can trust.

Expert tips for sellers this fall season include helping your home stand out by making sure the exterior is clean and pristine. Embrace the fall season with light autumn décor, good lighting and cozy staging.

We advise working with a trusted agent when it comes to market research, pricing strategies and bidding negotiations.

As a founding partner at RETSY, one of the fastest growing technology-based real estate brokerages in Arizona, Shawna Warner provides strategic marketing and transaction management.