If you’re trying to save up for a down payment, look at what a 1% interest rate hike would do to your payment to see if it might be a better idea for you to just buy now with rates where they are and a lower down payment. If home prices are going up by an average of $10,000 to $15,000 every year, is saving up $15,000 really worth it?
The second graphic is similar to the first but shows interest rate changes over the last 200 years instead of the last 30. When you look at this chart, it’s crazy to see that rates were at 16% in 1980. This is just another example that shows how good we have it with our current interest rates. Even with low inventory, there are still plenty of homes on the market available for purchase.
Hopefully you’ve found this information helpful. If you have any questions in the meantime about buying or selling a home, don’t hesitate to give me a call or send me an email. I would love to hear from you soon.