Congratulations if you bought your home when mortgage rates were 5% or below. What's happened to rates since that time has only served to prove what a shrewd move that was.
Some would-be home sellers are still sitting on the fence, waiting for those times to return. The truth is that, for now at least, those kind of rates are very much a thing of the past and a new normal has set in.
If you are playing the waiting game, consider that this spring market in Iron County is very active with good buyer sentiment and selling activity.
It's also true that many buyers have been delaying their next move too. However, in many cases, people cannot put their next home on hold indefinitely and we are increasingly observing an acknowledgement that the situation we are currently in is, in fact, the new norm.
Buyers also know that, while mortgage rates are high compared to a few years ago, there will always be an option to refinance when they do fall significantly, whenever that may be.
And we shouldn't lose sight of the fact that, for the majority of the past 50 years, average mortgage rates have been higher than they currently are (click here to see a graph that shows this). Historically speaking, they have been much higher (over 18% for a 30-year loan in 1981...).
And never forget that not everyone needs a home loan!
If you'd like to informally discuss the current opportunities in the local market, feel free to call us at 435-327-2090.
