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Tag Archives: Mortgage Interest rates

Buyer Activity Is Up Despite Higher Mortgage Rates

09 Tuesday May 2023

Posted by Make your Home your Haven! in News you can USE!

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Baton Rouge Real Estate, Baton Rouge Real Estate Trends, current mortgage rates, home financing, Home Ownership Tax Benefits, Mortgage Interest rates, Mortgages, News you can USE!, Real Estate, Relavent Real Estate News

Market Trends 2023

If you’re a homeowner thinking about making a move, you may wonder if it’s still a good time to sell your house. Here’s the good news. Even with higher mortgage rates, buyer traffic is actually picking up speed.

Data from the latest ShowingTime Showing Index, which is a measure of buyers actively touring homes, helps paint the picture of how much buyer demand has increased in recent months (see graph below):

As the graph shows, the first two months of 2023 saw a noticeable increase in buyer traffic. That’s likely because the limited number of homes for sale kept shoppers looking for homes even during colder months.

To help tell the story of why the latest report is significant, let’s compare foot traffic this February with each February for the last six years (see graph below). It shows this was one of the best Februarys for buyer activity we’ve seen in recent memory.

In the last six years, we saw the most February buyer traffic in 2021 and 2022 (shown in green above), but those years were highly unusual for the housing market. So, if we compare February 2023 with the more normal, pre-pandemic years, data shows this year still marks a clear rise in buyer activity.

The uptick in buyer traffic is even more noteworthy considering the increase in mortgage rates this February. The Freddie Mac 30-year fixed mortgage rate rose from 6.09% during the week of February 2nd to 6.50% in the week of February 23rd. But even with higher rates, more buyers were looking for a home.

Jeff Tucker, Senior Economist at Zillow, says the increased buyer activity could continue:

“More buyers will keep coming out of the woodwork. We always see a seasonal uptick in home shoppers in March and April . . .”

If you’re looking to sell your house, seeing buyers still active in the market this year should be encouraging. It’s a sign buyers are out there and could be looking for a home just like yours. Working with a real estate professional to list your house now will help you get your home in front of eager buyers today.

Bottom Line

Rising foot traffic is a bright spot for this year’s housing market and indicates that buyers are looking to purchase this year, even with higher mortgage rates. If you’re ready to sell your house, let’s connect.

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Waiting Will Cost More

18 Monday Jun 2018

Posted by Make your Home your Haven! in Helpful Information, News you can USE!, Timely Advise

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2018 Housing rates, Housing Market Trend, Housing Trends, Interest rates in 2018, Mortgage Interest rates, mortgage rates, New Tax Law 2018, Real Estate News, When to buy a home

An economist responded when asked how interest rates would change: “They may fall some and then, rise and after that, they’ll fluctuate.”

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Just because interest rates have been low for ten years doesn’t mean they are supposed to be low. The Federal Reserve has raised interest rates twice this year and are expected to go up twice more plus three times next year.  Mortgage rates have risen from 3.95% to 4.62% since the first of January.

Increased rates directly affect the payments on homes but so does the price. With inventory levels remaining low, the prices will continue to go up. When interest rates and prices rise at the same time, it costs buyers a lot more.

If the mortgage rates go up by one percent and prices increase by five percent in the next year, the payment on a $250,000 home could go up by $200 a month. In a seven-year period, the buyer would pay $18,000 more for the home.

People planning to buy a home, need to investigate the possibilities of accelerating their timetable to take advantage of lower rates and prices. Use the Cost of Waiting to Buy  calculator to see how much more it could cost you to wait.  Call Profile.BusinessPhone} if you have questions about what can be done now.

Cost of Waiting 061818.jpg

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  • Buyer Activity Is Up Despite Higher Mortgage Rates
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