A FEW WORDS ON MORTGAGE RATES...
As of 10/24, the 30-year Fixed Rate average is 7.32% (as posted by Mortgage News Daily). This is up almost a whole point from last month’s update (9/22), which was 6.4%. The dramatic increase since the beginning of the year is unquestionably the primary reason for most of the changes we are seeing in the market. Home affordability has dropped significantly for most buyers. This is driving lenders to offer creative options, such as temporary buydown products, to help ease the pain for buyers.
The expanded trend to the left shows the rates going back to 1971. Current interest rates are at the highest point since 2000.
Although the interest rates create new challenges, it is important to keep things in perspective. The data is not good or bad but allows us to understand reality and face it in a positive way. The market is ever-changing, and each new season requires different strategies for success. Contact us to discuss your real estate goals and develop a game plan on how to be successful in today’s market.
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