05/12/2022
As interest rates begin to climb, it's important to remember the fluctuation over the years. Rates have actually have been historically low for quite some time, and in December 2020, they hit an all time low in the 2%'s!
Historically, 30-year mortgage rates have averaged just under 8%. So even though today’s rates are inching past 5%, they’re still a good deal comparatively.
What does this mean for the housing market?
It's no secret that house prices are very high. With this fluctuation, the amount of buyers will naturally get smaller, creating less demand, and less competition for buyers. This will allow the sellers market to cool down, and hopefully even the playing field a little! 🤞
So don't stress too much, listen to the experts, and stay educated with an awesome lender & Realtor to help guide the way.
