Global conflict keeps mortgage rates high as Hampton Roads real estate experts hold summit with top economist

May 13, 2026 - 11:03

CHESAPEAKE, Va. -- Real estate professionals convened Tuesday in Chesapeake for the Realtor Broker Summit, where they heard from a top national economic forecaster. The event came at a time when ongoing global conflicts continue to exert upward pressure on mortgage rates, complicating the housing market for both buyers and sellers.

The summit focused on how international instability, including wars and trade disruptions, has kept borrowing costs elevated despite some signs of cooling inflation. The featured economist outlined how these geopolitical factors are feeding into long-term bond yields, which directly influence mortgage rates. For Hampton Roads, a region heavily tied to military and defense spending, the ripple effects are particularly acute.

Local brokers noted that while demand for homes remains steady, affordability has become a major hurdle. Many potential buyers are waiting for rates to drop, but the forecast suggests they could stay high for the foreseeable future. Sellers, meanwhile, are reluctant to list properties and give up their low-rate mortgages, creating a tight inventory.

The summit aimed to equip agents with strategies to navigate this challenging environment, emphasizing realistic pricing and creative financing options. Attendees left with a clearer picture of the national economic forces shaping their local market, even as the path forward remains uncertain.