Mortgage interest rates have been on a bit of a rollercoaster over the past year... and the most recent trend might be a bit frustrating for buyers hoping for continued relief.

A bit less than a year ago, rates were sitting around 6.85%. From there, they steadily declined -- all the way down to 5.98% in mid-February. That was a meaningful drop, finally getting below 6%. 

But then rates turned back upward. The current average 30-year fixed rate is now 6.42%... right back near the 12-month average of 6.4%.

So what does that mean for buyers and sellers here in Harrisonburg and Rockingham County?

For buyers... if you weren't able to secure a contract on a house (and lock in your interest rate) while rates were at 6%, it's likely a bit disappointing that they have bounced back up to their current levels.  But while the 6% (or just below) opportunities has at least temporarily vanished...the current rate of 6.42% is still below where rates were for most of last spring and summer.  If you've been waiting on the sidelines hoping rates would drop meaningfully below 6% before making a move... that does not seem likely in the near term.

For sellers... rising rates are a reminder that buyer affordability is still constrained. That doesn't mean homes aren't selling -- they are. But it does mean that pricing your home thoughtfully matters more than ever. Overpriced homes can sit longer on the market while many or most well-priced homes are still moving.

I encourage buyers and sellers alike to focus less on trying to time the market and more on making decisions that make sense for your own life and situation. If you need to move, let's talk through the numbers together and figure out what makes sense for you right now.