It’s no secret that in our local market, low inventory and rising home prices, combined with increasing interest rates made it pretty challenging for buyers in 2018. Well, I’m here to excitedly share that 2019 brings much hope, especially for those who may be feeling jaded by the fatigue that 2018 brought.
Throughout 2018 until mid-November, interest rates for a 30-year fixed-rate mortgage climbed consistently. That rise halted in December, as rates returned to levels that we saw back in August, closing the year out at 4.55%. Now, in 2019, mortgage rates continue to decline, with the 30-year fixed-rate mortgage dipping to 4.51%.
Combine that with increased inventory in most local neighborhoods, and we’ve got one exciting opportunity for buyers. (Check out my website, amythor.com, for local neighborhood market stats, and click here to reach out to me if you’d like information on any neighborhoods that aren’t already listed!)
The big question is, will this trend continue? According to the latest forecasts from Fannie Mae, the Mortgage Bankers Association, and the National Association of Realtors, mortgage rates will increase as we continue moving through 2019, but not as quickly as they rose in 2018. Here’s a snapshot of those forecasts:
The most important thing to understand is that even a small increase or decrease in interest rates can impact your monthly housing cost, and home price and inventory directly impact your buying power. If buying a home is something you’ve been thinking about, connect with me today! I’d love to keep you in-the-know so that you can invest when the time is perfect for you.