Any decline in international real estate transactions will have little direct impact on the U.S. housing market. Russian foreign buyers account for less than 1% of foreign buyer purchases, and overall, foreign buyers account for about 2% of existing-home sales, according to NAR’s 2021 International Transactions in U.S. Residential Real Estate Report. Moreover, the decline in foreign demand will ease supply constraints for domestic buyers. And in the short-term, with escalating geopolitical tension, the U.S. Treasury Note and the 30-year mortgage rate may not move in lockstep with the federal funds rate as investors reallocate their portfolios toward U.S. Treasuries, as happened last week when the 30-year fixed mortgage rate fell to 3.76%. However, should oil prices be sustained above the $100/barrel level, the deeper effects of higher inflation, bigger future interest rate adjustments, weaker global currencies relative to the U.S.,…

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