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/
