After hitting a high of just under 5% early this year, interest rates are now just above historic lows at roughly 3.75% for a 30 year mortgage! Just for reference, 3.31% was the historic low in 2012, and this is the lowest they’ve been since 2016, so not shabby at all!
Here’s a helpful, recent article on current rates: Current Rates
Here’s a chart showing rates since 2015: Rates Since 2015
What does this mean to you?
– For homebuyers, lower rates either mean, a) you can buy more home, or b) you can buy the same home as previously, but pay less money per month on your mortgage. Either way, it’s a win win. Here’s an article that describes the dramatic effect of rising or falling interest rates on purchasing power:
How Mortage Rates Affect Buying Power
Simply put, now’s a great time to start looking for the right home!
– For sellers, lower interest rates are great, and the market has kept steady! Lower mortgage rates mean that your home is available for a wider pool of buyers to qualify for.
If you have any questions, feel free to respond back and I’ll answer them! I work with local real estate buyers and sellers accomplish their goals full time, and would love to help!