Checking In On Mortgage Interest Rates


Checking In On Mortgage Interest Rates
By Scott Rogers • November 15, 2023
Mortgage interest rates have been declining for the past two weeks... or "plunging" as I saw it described in one news article. Let's put it all in a bit of a larger context. Mortgage interest rates rose above 7% in August... ...they peaked two weeks ago at 7.79%... ...and they have now dropped back down to 7.5% as of last week. Looking back further... ...rates rose above 5% in August 2022... ...and then very shortly thereafter rose above 6% in September 2022. I suspect we will see rates above 6% for at least the next year. I think it's possible that we'll see rates get down to 7% over the next few months, but if they stay above 7% I won't be completely surprised. If you are planning to buy a home, it will be important to check in with your mortgage lender for an updated payment projection. Here's a potential payment in Rockingham County for a $300K purchase with 90% financing... 7.79% mortgage interest rate = $2,175 / month 7.5% mortgage interest rate = $2,121 / month 7% mortgage interest rate = $2,029 / month 6.79% mortgage interest rate = $1,992 / month Lower or higher mortgage interest rates certainly affect a monthly payment pretty quickly. A full 1% drop from the peak of 7.79% down to 6.79% would reduce your mortgage payment by $184 / month. Let me know if you'd like some recommendations for qualified local lenders with whom you could talk through a variety of financing scenarios. 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 23, 2024 (unless otherwise noted).
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