Current Interest Rates: October 2023

People talk to me about interest rates all the time. Rates have been up in the low sevens for a while now. But what most people don't realize is that over the last 50 years, interest rates have been almost 8%. That's a 50 year average that's almost 8%. Today the rates are about 7.4%. 

So while it's pretty close, you're still buying a house and paying interest at a lower rate than the average interest rate over the last 50 years. Given the current market situation where there is almost no inventory and there is high demand, house prices continue to increase. So if you buy your house now and get the best rate you can get currently, you'll still be better off than waiting because prices will go up. And even if the rates are down, which is probably doubtful, you'll be paying more interest or more of a payment because you'll have to pay more for the house.

If you would like to know more, give me a call. I'm here to help answer any questions you may have. I am also happy to put you in touch with one of our preferred lenders!

 804-350-0879 | chris@smallre.net | chrissmallgroup.com

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It is my responsibility as your REALTOR® to ensure that when others around you are lowering their expectations, that this becomes the time for us to switch gears and discover how to leverage the market effectively to achieve your goals.

If you would like to know more about the current market, or if you have any general real estate questions, call or text me on my cell phone at 804-350-0879 or you can email me at chris@smallre.net.

If you are looking to begin a home search, visit my website to get started!