Brad Twiss on Homebuyers Adapting to Higher Mortgage Rates (Marketplace)

After mortgage rates topped 7% in fall 2022, buyers pulled back sharply. By early 2023, rates had eased to around 6% and activity was picking up again. Marketplace looked at why: pending home sales rose for the first time in seven months, and a Yale behavioral scientist explained that once buyers got used to 7%, 6% started to feel like a deal.

Neighbors Realty owner Brad Twiss saw the shift firsthand in Portland. “We did 33 transactions last year, and I don’t think we wrote a single offer in October,” he said. That changed in January, when a house on a busy street drew several offers right away. “Then, every weekend since has basically been multiple offers.”

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