The big recent news that Moody’s downgraded the U.S. credit rating drove mortgage rates back above 7%. That is another setback for aspiring homebuyers who have waited for a significant drop in mortgage rates. It also reinforces why renting makes much more sense than buying in today’s market – especially in Miami. A new report from CBS News analyzed the impact of the credit rating downgrade when factoring in other key housing market indicators. The report notes how mortgage rates have stubbornly remained at a near 25-year high due to elevated 10-year Treasury bond yields. The Moody’s downgrade pushed 10-year Treasury yields to their highest level in almost two years.

What does this mean for mortgage rates? Expect more of the same.

“Elevated mortgage rates are likely to persist, while aspiring homebuyers also face a shortage of affordable properties,” the report states. “Home prices remain near record highs, while higher borrowing costs add to the cost of financing a home.” Fortunately, there is a brand-new Miami apartment building offering 18-month leases on select available units. Douglas Enclave’s 18-month leases buy renters valuable time to wait out an expensive for-sale housing market and avoid competing with the masses for comparable apartments at much higher rents.

Douglas Enclave is an 11-story, 199-unit building with brand-new Little Havana apartments available for rent. It includes a thoughtful mix of studio apartments, one-bedrooms, two-bedrooms and townhomes for rent. Individual apartments feature vinyl-wood flooring, open-concept kitchens, stackable washer/dryer units and efficient appliances.

Building amenities include a club lounge, fitness center, electric vehicle charging stations, bike racks, gated parking garage, dog washing station, saline pool, business center with computer stations and a package delivery room. Douglas Enclave is extremely transit-friendly and located next to a Coral Gables Trolley stop.

Little Havana is one of Miami’s most popular neighborhoods to live in because of its convenient location, rich history, culture and many things to do. The neighborhood is perfectly positioned near the world-class shopping and dining of downtown Coral Gables, and a short drive from Miami’s bustling Brickell financial district.

For more information about Douglas Enclave, call (786) 610-4811 or visit the leasing office located at 61 NW 37 Ave. between 9:30 a.m. and 6 p.m. from Monday to Friday. Douglas Enclave is part of Miami-Dade County’s Workforce Housing Program – contact the leasing team for more details and qualification requirements.