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

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.