Probably by now you have heard that the mortgage interest rates have been at their all-time low.
For the most part, they have been under 3% for quite a while. People (including myself) took advantage of this and refinanced their homes for lower payments and/or home improvements.
Also, A LOT of people entered the home buying market to take advantage of these low rates.
But just like everything in life, things always come to an end. Sometimes it is a gradual end or sometimes it is a sudden end.
In this case, mortgage rates climbed slightly (average 3.25%) and have held steady. Did this sudden increase immediately slow down the market? NO, it did not!
If rates continue to climb, you will see a market “slow down.”
Some key indicators will be higher housing inventory and/or less buyers in the marketplace.
If you have any questions, please do not hesitate to call me with NO obligation at 215-630-9363.