A Rough Two Years For Rising Mortgage Interest Rates


A Rough Two Years For Rising Mortgage Interest Rates
By Scott Rogers • December 5, 2023
Mortgage interest rates have been declining on a weekly basis over the past month, but... let's not forget exactly where we are relative to the past 30, 40 and 50 years... The graph above shows the amount that the average 30 year mortgage interest rate changed from year to year. All of the red bars are showing years when the average mortgage interest rate increased as compared to the prior year. All of the blue bars are showing years when the average mortgage interest rate decreased as compared to the prior year. For example... Between 2003 and 2004 it didn't really change at all.. it increased by 0.01%. Between 2008 and 2009 it dropped 0.99%. But more recently... Between 2021 and 2022 it increased by 2.39%. Between 2022 and 2023 it has increased by 1.46%. So, it has been a rough two years of increasing mortgage interest rates... with the 2022 and 2023 increases being some of the largest increase in the annual average, ever, only surpassed by 1979, 1980 and 1981. Let's hope for a blue bar in 2024 with a decline in the average mortgage interest rate as compared to 2023. 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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