Home prices aren’t falling as buyers accept the new normal of 7% mortgage rates, Compass CEO says

• Homebuyers see 7% mortgage rates as the “new normal,” Compass CEO Robert Reffkin said.
• Reffkin pointed to signs of resilient demand such as increased purchase activity.
• Prices are unlikely to ease until mortgage rates pull back to the 5% range, he previously predicted.

Home prices aren’t falling as buyers are now accepting 7% mortgage rates, according to Compass CEO Robert Reffkin.

In a recent interview with CNBC, Reffkin said 7% is now the new normal after previously saying 6% was the new normal, pointing to signs of sustained demand.