We saw mortgage interest rates come back down a bit over the last 30 days. The recent change will save new borrowers over $17 per month for every $100,000 borrowed. Average U.S. rates for 30-year fixed rate mortgages were at 5.51% as of this week. Last month at this time, they were sitting at 5.78%.
Mortgage rates surged to their highest level since 2008 after the Fed’s rate hike. According to Freddie Mac, the 30-year fixed mortgage rate rose to 5.78% from 5.23% the previous week. In addition to increasing the amount buyers will pay to borrow for their mortgage, higher interest rates lower their purchasing power.
Increase the appeal and value of your property by planting some of the trees identified in the graphic below.
The National Association of Realtors is forecasting significantly lower home sales numbers for the next year. The chart below shows expected year on year change being negative through Q2, 2023.
CoreLogic is forecasting low risk of our homes going down in price over the next 12 months (see chart below). Our area falls into the “very low” category, with a less than 10% chance of price depreciation. As the U.S. population continues to shift in our direction, I agree with the company’s assessment that it is much more likely we continue to see rising home prices in the next year.
