Numbers and statistics paint a picture. Sometimes they show a reality we neither like or expect, but they don't lie.
The graphs here, provided by InWest Title, show similar fluctuations and trends.
We started 2023 with mortgage interest rates at around 6%. In the first quarter they dropped and activity picked up. By mid-year rates were starting to climb and you can see how that affected everything.
Interest rates were just over 8% as we wrapped up 2023. This created an affordability issue for many buyers (the graphs show that, starting mid-year, new inventory plummeted) and most sellers decided to wait.
The really good news is that interest rates have come down already this year and are currently hovering in the mid 6% range.
The Federal Reserve and other important bodies have commented that they anticipate keeping rates down. Today's rates could potentially even get a bit more attractive as we get further into the year.
Clearly this is really good news for buyers and sellers alike and there's more optimism around right now.
Contact us at 435-327-2090 for an informal chat about your best options in the coming weeks and months.
