‘Panicking’ Seattle home buyers, spooked by rising interest rates, rush to buy

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The Puget Sound region saw a roughly 30 percent rise in home sales in November as mortgage rates climbed quickly and buyers hurried to lock in their interest rates.

As Seattle home prices continued to soar to unprecedented heights over the last couple of years, home buyers still had one savior: very low mortgage interest rates. But even that bright spot is starting to disappear, adding tens of thousands of dollars to the cost of a home.

Rising mortgage rates that have swept the country since the election are whipping the local housing market into a frenzy during a normally slow time of year. Some buyers are finding out that they can no longer afford the same house they were approved for just months ago. And others who had been kicking the tires are frantically rushing to seal the deal on their new home out of fear that interest rates will rise even higher.

New figures released…

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