What is up with Interest Rates Right Now?
The Historical Interest Rate Chart going back to 1971
The big story in the Real Estate world this last couple of months has been the sharp uptick in mortgage interest rates.
30 Yr Fixed rates have moved from the 2.5% range last summer to now 5.6% as of this writing.
This has caused the average monthly house payment to move up between $500-1000 from a year ago.
This has caused a cooling in the market as we're beginning to see average days on market extend.
As we discussed last week, this is a return to a more normal market where people actually have some choice. The previous market wasn't sustainable and every market goes through natural cycles. It's part of the long term growth of the market so its not something to be concerned about.
All that said, if you look at the chart above you can see that while yes, our rates are marginally higher right now....the overall trend for the last 30 years has been a slow march downward, and we are still well below average historically.
What this means for my sellers now is that it's more necessary than ever to thoughtfully prepare homes for sale so that they look their best, and then my job as your agent is to photograph and video them to stand out compared to the competition.
If you have a Real Estate need upcoming and you want to make sure you make the best possible move, please reach out to me to have a conversation.
>> Read the full Forbes Article <<
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