Interest rates just hit their highest weekly average since 2008 but relatively speaking....they are still far below historic numbers. Can you imagine paying over 16% on your mortgage? Yikes!
Interest rates have been on a roller coaster ride dipping to an historic low of 2.65% in January 2021. An slow incline began thereafter but picked up speed in early 2022 when the Federal Reserve started implementing interest rate hikes. There have been four hikes in 2022, including two consecutive “jumbo” rate hikes of 0.75% in June and July.
Forecasts indicate that interest rates may hover around the 6% mark into 2023 but on the flip side, housing prices seem to be cooling slightly and mortgage lenders are working on ways to help buyers offset overall costs by buying down points and using concessions to offset payments.
It's an ever changing market so hang in there!