02/01/2024
Fun fact on interest rates. From 1971 to the present, interest rates have averaged 7.74%. All time high? 18.63% in October of 1981. All time low? 2.65% in January of 2021 (According to TradingEconomics.com).
Have you heard? Interest rates continue to come down, and in fact they just dropped a little more. They are at 6.63% according to TradingEconomics.com. So while they aren't as low as we saw a few years ago, they are below the historical average, and almost a full percentage point below what we were seeing three months ago! According to the attached article, buying power has increased by roughly $40,000!
If you're waiting for interest rates to drop before making a move, what number are you waiting for?
https://www.forbes.com/advisor/mortgages/home-buyers-have-more-purchasing-power-as-mortgage-rates-decline/
Prospective homeowners can now afford a more expensive house than they could just a few months ago, thanks to a drop in mortgage rates. An analysis by real estate brokerage site Redfin finds that a buyer with a $3,000 monthly housing budget and a 6.7% mortgage rate can afford to buy a $453,000 ho
