Mortgage Rates are Still Low
(Via KCM)
The average 30-year fixed mortgage rate has climbed above 3%…but they are still low. The lower mortgage rates, with the likelihood of increasing, are why many buyers are currently looking to purchase a home.
For those experienced Agents and homeowners like myself, 3% is still historically low. Decades ago, there were actually rates as high as 17% & 18%, which helps put just how low current mortgage rates are in perspective.
Mortgage rates affect what your monthly payment could be - if you are taking out a mortgage. As such, your buying power increases when rates are lower. Buyers now, with lower rates, are able to afford more, essentially.
The graph below shows today’s rate in comparison to average rates over the last five years:
If you’re thinking of selling, or buying, in the Lake Geneva or southern Wisconsin areas…or the Chicagoland/Northern Illinois region, I’d be glad to help. Call (708) 480-2011 or email KristineG@CBRealty.com and let’s have a conversations about the local market!
Kristine Glockler REALTOR®
