Interest rates are the lowest they’ve been in the last two months, but are home prices still high? Are they going up? I’m going to answer both of these questions today.
Today, rates are at an average of 4.73%. At the beginning of November, that average was closer to 5.05%. That’s a change of around $70 per month on a monthly mortgage payment in our area.
Over the last two years, the housing shortage we’ve experienced has pushed up prices much higher than they should have gone. When you couple that with rising rates, it really pushed potential buyers to their limits.
So although home prices are high and are gaining, you should also know that the gains are shrinking. More homes are coming on the market, so if rates can stay low, we’ll see more buyers coming into the market. This bodes well for our market’s future.
If you have any questions about the current market or about real estate in general, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.