Monday Market - September 12th, 2022

Today is September 12th, 2022, which means we are in a new market week, so lets talk about todays interest rates.

Buying a home is a HUGE step, and if you're planning on getting a loan, you've probably been keeping an eye on interest rates for the last few months. And as we all know, they have been rising very continuously. Did you know, interest rates are the highest they have been since 2008!

While that may seem scary on paper, there's no need to start worrying yet. Homes are still being listed as they have been, and if other buyers are taking a step back from looking, then active buyers have a better chance of going under contract at list price. Pros: less bidding wars! Cons: less bidding wars (kidding, that's a pro)

Lets walk through the numbers:

Today, the average fixed rate 30-year mortgage rate is 6.029%

The average 15- year fixed rate mortgage is 5.268%

The average 5-year fixed rate mortgage is 5.240%

A 30 year mortgage is 5 points higher than it was a week ago, and 318 points higher than it was a year ago.

The FED is making it harder for banks to loan money, which in return makes it harder for consumers for obtain reasonable loans. These rate increases can also affect car loans, bank loans, and more, but right now we are seeing the biggest fluxation in home loan rates. Rates may continue to go up, or flatten out as the days go on, but we are confident that the Real Estate market throughout Florida is going to be better than anywhere else.

Thanks for reading!

*Each point equals one percent of the loan amount

This information has come from multiple sources, and is deemed reliable but not guaranteed.

www.freddiemac.com