A mortgage rate of 6.77% hurt affordability in the Northwest Multiple Listing Service region last month, according to data from NWMLS.

And that rate isn’t likely to fall in the near future, said Stephen Bourassa, director of the Washington Center for Real Estate Research.

“The continued anticipation of inflation and concerns about increasing government debt suggests that mortgage interest rates are not likely to go down any time soon,” Bourassa said in a press release.

Meanwhile, the median sales price increased 1.5% month over month and 3.8% year over year, reaching $670,000. Closings increased 1% year over year.

Although affordability remained a challenge for buyers in the region last month, active listings increased annually in all 27 counties in the NWMLS region — by double digits.

By county, inventory increases were highest in Columbia (up 70%), Grant (up 61.6%) and Snohomish (up 51%).

Selma Hepp, chief economist at Cotality, said the jump in active listings, coupled with the “softening” of prices, points to a more balanced housing market in the NWMLS region.

“As prices moderate, opportunities open up for buyers who have been priced out, which may help stabilize the home market,” Hepp said.