Would Be Home Buyers Are Finally Finding (Some) Relief In The Way Of Mortgage Rates


Would Be Home Buyers Are Finally Finding (Some) Relief In The Way Of Mortgage Rates
By Scott Rogers • January 23, 2024
For over 10 years (Feb 2011 - Apr 2022) mortgage interest rates were below 5%. For about 3 years (May 2019 - Mar 2022) mortgage interest rate were below 4%. But since that time, they shot past 6%, past 7% and nearly hit 8%. Perhaps unsurprisingly, many buyers have found themselves priced out of the homes they want to buy over the past year. Not only were these buyers facing ever higher mortgage rates -- home prices were also continuing to climb, with the median sales price increasing 10% over the past year. But finally, some buyers are finding some relief in the way of lower mortgage interest rates. After peaking at 7.79% in October 2023 we have seen the average 30 year fixed rate mortgage drop steadily to it's current level at 6.60%. We're still not back down to 4% or 5% -- but a mortgage payment at 6.6% certainly makes many houses more affordable than they were at 7.79%. If you plan to buy a home in 2024 and you last talked to your lender in October or November of this past year, connect with them again soon -- you will likely be pleasantly surprised at how your projected monthly payment has adjusted given declining rates. 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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