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How Have Rising Mortgage Rates Impacted Our Market?
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Mortgage rates have risen lately, but as you’ll see, this shouldn’t stop both buyers and sellers from getting a good deal.
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What do rising mortgage rates mean for buyers and sellers in our market?
In case you don’t remember, mortgage rates were historically low last year. In August, they were as low as 3.44%, and now they’ve risen up to about 4.12%. What does that mean in real terms?
Basically, the same mortgage on a $250,000 house would’ve cost you about $100 per month less than it does this year. The overall term of that loan is also about $35,000 more on a 30-year mortgage. That’s a sizeable chunk of change, and I don’t want to downplay that, but it’s really not going to do too much harm to our market in the immediate future. Why is this?
If you look at it in a historical context, the same loans 10 years ago averaged over 6.3%. If you go back to the 90s, they hovered anywhere between 7% to 10%. In the 80s, they rarely dipped below 16%. As you can see, they’re still extremely low compared to the past.
Yes, mortgage rates have risen lately, but this is nothing to be scared of.
If you’re a buyer, now is still a great time to buy. You’ll still get a great rate and there are plenty of loan products available to you. It’s just a matter of connecting with the right agent and finding the right home.
If you’re a seller, now is a great time to sell as well. Your home will very likely sell quickly and you’re very likely to get top dollar since there are so many folks interested in buying and we currently have a limited inventory. The market did slow down in December, but that was more due to a lack of inventory than mortgage rates.
Whether you’re a buyer or seller, if you have any questions or are thinking about making a move in our market soon, please don’t hesitate to give me a call or send me an email. I look forward to hearing from you and I hope you have a great day!
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