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Donald Trump's surprise presidential victory triggered a sudden and unexpected increase in mortgage rates, but those higher home loan costs aren't likely to cool prices in the red-hot Portland housing market.
The average interest rate on a 30-year fixed-rate loan has climbed to 4.10 percent, the highest since July 2015, according to MortgageNewsDaily.com. That's up by about half a percentage point since the Nov. 8 election. The rate of increase matched that of the 10-year Treasury yield, which rose after investors moved billions of dollars from bonds into the booming stock market. Changes in the two rates typically track together.
The Portland area's housing market has been one of the nation's strongest this year. It's topped a list of 20 peer metro areas in year-over-year price increases for nearly a year. Homes routinely sell in a matter of days or weeks rather than months as buyers compete for the slim supply of homes for sale.
The mortgage rate increases aren't likely to break the pattern of strong price growth. What's driving housing demand is job growth, which is bringing new workers to the metro area; generally rising wages in all income categories; and a tight housing supply, said Tim Duy, a University of Oregon economics professor and director of the Oregon Economic Forum. Read more>
With those market forces, "we're seeing exactly what you would expect to see," Duy said. In order for price increase to cool, he said, "we've got to be able to build 'up' faster and 'out' faster, and we're not doing either." Read More>
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Presently we have 160 lots in 8 individual subdivisions either under construction or in the planning stages. We are committed to deliver quality living environments to meet the future needs of our growing communities.
Kemmer Ridge II
Bull Ridge II
Colton Properties, LLC is a fully integrated land development and brokerage company with primary operations in Portland, Oregon.
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