The number one question we hear lately is, “What is the current interest rate?”, followed by “Will interest rates continue to rise?” Yes, mortgage interest rates have been slowly rising for the past 6 months, but rates are currently holding steady. Also it’s important to keep in mind that interest rates today are incredibly low compared to interest rates we have seen in the past! (See graph below dating back to the 1970s.) Overall, this is good news for buyers who have been on the fence because of concerns about rising rates.
Along with interest rates settling, the real estate market is beginning to settle back to normal as the number of houses listed for sale begins to rise.
The real estate marketing returning to normal is more encouraging new for buyers because now they’re not necessarily up against five or even 20 offers on a house. Now there might be only two or three, or they may be the only offer. This takes pressure off buyers to offer over asking price. Additionally, it allows buyers to take more time to find a home that is right for them, instead of buying a house simply because it is the only one for sale. For sellers this means they may not receive a bidding war over their home like many experienced last year, but inventory is still low, so most homes are still selling in less than a month.
Still unsure if now is the right time for you to buy? Give us a call, we work with some AMAZING lenders who are ready to answer all your questions! 480-500-1738