A spike in mortgage rates is starting to slow home sales. However, the La Crosse Area Realtor's Association says not by much.
Nationwide, rates on a 30 year fixed mortgage hit a two year high of about 4.5%, which is up more than a point from a low last November. That's been a factor in the biggest decline of previously-owned homes this year.
Local realtors say they can't predict if and when another spike in rates will happen, they can only deal with what's here today. "Some of the people sitting on the fence that have been waiting for the bottom, realize the bottom has come and gone, and now we're going to start ticking back up again," said the President of the La Crosse Area Realtor's Assoc. Mike Pietrek.
Pietrek says the biggest issue facing our area is a lack of inventory. Buyers in certain price ranges are lacking options.