Today, I have good news and bad news that I want to share with you.
The bad news? Since the election, interest rates have gone up. Sadly, they’re no longer hovering around their all-time low average of 3%. The good news? It’s still a good time to buy. Why?
To answer that, let’s turn back the clock a little bit. In the 1970s, interest rates were averaging around 8%. In the 80s, that average rose to 12%. Then, in the 90s, it shrunk back down to 8%. In the 2000s, it shrunk down a little further to 6%.
Now that we’re almost into 2017, our interest rates are averaging 4%. So, as you see, even as they’ve risen, they’re still incredibly low from a historical perspective. You may have missed out on the apex, but we can’t go back in time. Compared to previous decades, our rates are still historically low, so if you wanted to buy a home, you’d still be locking in a better rate than your parents ever could have.
If you’re looking to buy or sell a home, don’t hesitate to reach out to me by phone or email. I hope to hear from you soon!