The conditions are still very favorable for purchasing a home or a commercial property.
Despite the recent increase to the interest rate, the current rate is still well below the 50-year historical average of 7.77%. Please reference the chart.
When interest rates decreased during the pandemic, the real estate market heavily favored sellers. More buyers entered the market to secure loans and purchase homes.
Interest rates have steadily increased in 2022. Even though there are still a high number of buyers, the increasing interest rates are beginning to help stabilize the real estate market.
Interest rates were at an all-time high in the early 80s. I recall my Dad discussing his high interest rate of 18% with me, when I first started in Real Estate.
Interest rates trended downward until the Real Estate market crash in 2007. The rates plateaued briefly for a few years prior to the lowest interest rates being seen, in decades.
Thank you to Freddie Mac for this information.
Call us today to discuss your real estate goals! Angie and I are here for you and yours.
Thank you to Freddie Mac for this information.