It May Be Time To Adjust To These Mortgage Interest Rates And Not Wait Around Thinking They Will Decline


It May Be Time To Adjust To These Mortgage Interest Rates And Not Wait Around Thinking They Will Decline
By Scott Rogers • October 2, 2023
A year ago -- in October 2022 -- I commented on rapid changes in mortgage interest rates through the first ten months of 2022... January 2022 = 3.45% April 2022 = 5.00% October 2022 = 6.94% At that point, in October 2022, I reflected that... "I don't think that we can assume that mortgage interest rates are going to drop substantially at this point. Mortgage interest rates may very well continue to be between 6% and 7% for the next 12 months." I'm going to double down on that advice here in October 2023... The current average 30 year fixed rate mortgage interest rate is 7.31%. I don't think anyone should be waiting around thinking that we'll see 6.5% soon and then 6% after that... I think it is very likely that we will continue to see mortgage interest rates in the current range (6.75% - 7.50%) for the rest of 2023 and perhaps through the entirety of 2024. If mortgage interest rates decline, that will be fantastic, but I don't think we should expect it or count on it. Receive Updates by Email Recent Articles: Is There A Price You WOULD Pay For This House? There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 24, 2024 (unless otherwise noted).
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