Are Mortgage Rates Still To High?
Are Mortgage Rates Still To High?
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Are mortgage rates too high?
On average mortgage interest rates decreased slightly last week compared to the prior week. Rates are up from the same time the previous year hitting just below 7%. Still hovering above what most buyers want.
The good news is that inflation is also local and while the median average sale price in the U.S.A. is $419,000 our 4-county area is much more affordable.
While high interest rates push up people’s daily cost of living- lowering them before the economy is ready promotes other long-term money problems.
Don’t put off house hunting! Look for homes on the market longer than 2 weeks with no price reductions.
Or lower your expectations and decide what you can upgrade later to make it the house of your dreams.
Let your Realtor® help you.
