Are you waiting for mortgage rates to drop back down? It seems many potential buyers out there in the real estate market these days are trying to hold out until that perfect scenario presents itself: Low prices AND low rates.
Well here is my word of caution...don't wait TOO LONG! We've been fortunate over the past 15 years to have some extremely low interest rates available to homebuyers. However, when you turn the clock back a bit further things begin to look quite different.
Rather than rattle off a list of statistics and data I think this message is best told with a picture. I've created a chart which tracks the Annual National Average Contract Mortgage Rate Index. This index tracks conventional fixed and adjustable rate mortgages on resale single family homes, as reported by a sample of mortgage lenders. To get a good picture of HOW GOOD WE STILL HAVE IT, you have to look back about 30 years. So, here is my chart with average mortgage rates over the past 30 years:
STILL FEELING GREEDY?
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Selfless Service for the Puget Sound region. Connecting buyers and sellers in Olympia, Lacey, and Tumwater since 2003.
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Wow, Mike! That's a great picture! Thanks for pulling the numbers together... I knew that buyers were in a good situation with rates, but that really shows it :)