If you’re in the market for a new home, it’s worth taking a look at the current mortgage interest rates. Even though they’ve been slowly creeping up over the past few months, they’re still historically low—which could mean big savings for you in the long run. So don’t wait too long to start looking; interest rates could go up even more before summer’s over!
Take a look at the chart below. Yes, the rates are higher than they were the a couple of years ago but let’s take a look at the rates today vs. 10-20 years ago:
As you can see by the chart, the rates are still historically low. The increase in rates have had a silver lining for homeowners; we’re starting to see more price reductions. Sellers are starting to realize that the buying power for many people has decreased with the increased rates. This is a sign of the market starting to stabilize.
Are we heading towards a market shift? We could be but it’s too early to tell. Yes, we see some signs but they’re inconsistent. Let me know what you think in the comments!
Image courtesy of: https://www.keepingcurrentmatters.com/2022/05/17/why-rising-mortgage-rates-push-buyers-off-the-fence/
