So rather than looking only at average rates, check your personalized rates to see what you qualify for. Borrowers with healthy credit profiles and strong finances often get mortgage rates well below the industry norm. While the broader trends provide valuable context, it’s important to recognize that average mortgage rates are just a benchmark. To put it into perspective, consider the year 2022, which began with the average 30-year fixed rate at a modest 3.22% in January, only to skyrocket to a staggering 7.76% by November 2023. We’ve seen significant swings in interest rates, from historic lows to sudden surges, all while central banks carefully strategize in response to global events. Will mortgage rates rise or fall? That’s the looming question that has kept many on the edge of their seats. Over the past two years, the simultaneous surge in mortgage rates and home prices has significantly squeezed buyer affordability, creating a challenging “double whammy” effect that has limited the purchasing power of potential homeowners. Novem11 min read A look at mortgage rates over time
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |