Current Mortgage Interest Rates in the Context of the Past Decade


Current Mortgage Interest Rates in the Context of the Past Decade
By Scott Rogers • April 14, 2022
Mortgage interest rates keep on rising. The graph above shows the average mortgage interest rate over the past decade. Periods of Green = 3._% (somewhere between 3% and 4%) Periods of Red = 4._% (somewhere between 4% and 5%) Periods of Blue = 2._% (somewhere between 2% and 3%) A few resulting observations... [1] We're getting ready to pop over 4.75%, it seems, which we've seen once (for a few months) in late 2018. [2] We might be headed all the way up towards 5%, which we haven't seen at all in the past ten years. [3] While we've spent most of the past decade below 4% (green+blue) we have certainly also seen long spells above 4% (red) as well. [4] We moved pretty quickly from 2._% to 3._% to 4._% and it almost seems like 5._% could be knocking on the door. As mortgage interest rates rise, monthly mortgage payments (for new buyers) rise, which certainly creates the possibility that at some point rapidly rising home prices won't be rising quite as rapidly. Receive Updates by Email Recent Articles: An Absence Of Competing Listings In A Broad Price Range Does Not Mean You Can (Or Should) Round Your List Price Up To The Top Of That Range The First Buyer To Make An Offer Will Likely Not Include An Escalation Clause, At Least Not At First Home Buyers Seem To Be Drawing The Line In A More Rational Place Now When Making Offers Buy A House For Yourself, Not The Next Owner Home Sellers Will Not Voluntarily Sell Their Homes For Lower Prices Because Of Higher Interest Rates Unless Competition Forces Them To Do So Homes Are Still Selling Quickly, So You Should Know (Or Think About) Where You Are Going Next Before You List Your Home For Sale Are You Ready To Sell Your Rental Property? Should We Let Buyers View Your Home Before It Hits The Market? Almost Half Of Homes For Sale Are New Homes Where Are Most New Homes Being Built Right Now?
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 May 28, 2023 (unless otherwise noted).
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