Where Might Mortgage Interest Rates Go From Here?
30 year fixed mortgage interest rates were around 3% a year ago... and now they are up to 6.7%. Ahhhh! Some home buyers today, taking out mortgages at today's rates, are…
Well, I Suppose This Was One Way To Revive The Market For Future Mortgage Refinances?
Sorry. Bad joke. Probably too soon. Mortgage interest rates have risen even further this week... with the current average rate on a 30 year mortgage now at 6.7%. One year…
Will A 6% Mortgage Interest Rate Seem High After A Year Of 6% Rates?
Many (though not all) home buyers in the market today have been shopping for homes for the past three, six or 12 months. As such, when they encounter today's mortgage…
As You Might Imagine, It Is Still A Pretty Swell Time To Sell A House
Lots of homes are still selling, relatively quickly, at high prices. Yes, mortgage interest rates are higher, which limits the housing budget for some buyers, but thus…
I Was Going To Upgrade To A Larger Home Until I Saw That Larger Mortgage Payment!?!
In more than a few conversations over the past week I have been chatting with friends and past clients who have shared that they had been recently toying with the idea of…
Mortgage Interest Rates Double Within A Single Year
Well, then. A year ago, the average 30 year fixed rate mortgage interest rate was under 3%. Today, the average 30 year fixed rate mortgage interest rate is 6.02%. Yikes…
Home Prices Keep Rising in Harrisonburg, Rockingham County Despite Slightly Fewer Home Sales
Greetings, and Happy Tuesday morning, friends! Would you believe it if I told you we're 70% of the way through 2022!? It's hard to believe, I know, but indeed, we only…
Indeed, Fewer Homes Went Under Contract This Summer Than Last
Indeed, as is shown rather clearly above, fewer buyers signed contracts to buy homes this summer than last. When I'm talking summer, in this instance, I'm referring to…
Most Conditions Are More Favorable For Buyers Now Than A Year Ago, Though Not Mortgage Interest Rates
If we ignore mortgage interest rates for a moment (how can we!?) I believe it is accurate to say that home buyers are finding conditions to be more favorable now than a…
Are Home Buyers Walking Away From Contracts In Harrisonburg?
You may have read in recent news headlines that home buyers are cancelling their contracts to buy homes left and right. Here is one such news story... Homebuyers are…
Do Home Prices Rise As Interest Rates Fall, And Fall As Interest Rates Rise?
Q: Do Home Prices Rise As Interest Rates Fall, And Fall As Interest Rates Rise? A: Sometimes In the graph above I tracked the median sales price of single family homes…
If High Mortgage Interest Rates Having You Looking At Renting Instead Of Buying, Unfortunately You Will Also Find High Rental Rates!?!
Some (many?) would be home buyers are discovering that mortgage interest rates are making their potential monthly housing costs much higher than anticipated. Just a year…