Not sure we can look at the future of mortgage rates but we can look at the history of mortgage rates. The past six weeks has seen mortgage rates declining significantly after hitting a high of 7.08% last month. The 30-year fixed rate mortgage is now around 6% according to Freddie Mac.
Home ownership has become more affordable by 10% with the decline of mortgage rates. Timing looks good for the first of the year to bring more buyers into the market and I am already seeing signs as since Christmas I have seen an uptick in people contacting me to start looking and maybe buying the first quarter. My website has been very busy this week and information and map requests have been very strong. On the down side a sudden jump in inflation could knock us back down to activity levels we saw just a month or two ago.
Overall I am optimistic with the new activity I am seeing and the increased workload! The picture has nothing to do with the subject matter presented, I just thought a cute puppy picture rather than a boring chart would attract more readers!.
Dick Betts, REALTOR®
The Betts Team
Touchstone Real Estate
The Villages, Florida
717-860-3107 cell
Dick@DickBetts.com
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