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    Creeping interest rates are cause for pause, readjustment of expectations when it comes to home buying

    by Darcel Rockett, Chicago Tribune Apr 14, 2022 6 minutes
    Dawn McKenna Group Coldwell Banker Real Estate broker Lauren Walz, left, shows a home to her client Chrisy Rediehs, of Hinsdale, April 6, 2022, in Western Springs.

    The housing market has had a lot to contend with recently: The COVID-19 pandemic. Property tax increases. Inflation. Rising costs of construction material. A shortage of housing inventory.

    And then there are other factors from affordability to soaring prices in rentals.

    The latest addition to the list: creeping interest rates that are impacting mortgages.

    There was hope of relief in 2022 for prospective homebuyers. But a survey forecasting the outlook for homeowners in 2022 reveals 26% of people would be less likely to buy a home this year because of rising interest rates. The average interest rate jumped by more than half a percentage point since March 10, per Freddie Mac’s weekly Primary Mortgage Market Survey. And the average rose above 4% on March 17 for the first time since 2019.

    The result, according to local and national realtors: People with a strong motivation to move (relocating, schools, growing or shrinking family, change in marital status) will

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