Mortgage rates over 7% but going in the right direction

Yes, mortgage interest rates are still ridiculously high but they are going in the right direction. Just because your parents had to pay 8%, or 9% or more doesn’t mean 7.29% is a deal. Houses are proportionally more expensive today than they were in the 1980s.  Houses have gone up by 310% since 1980. Wages have gone up about 17.5% since 1980.

If a lender or a real estate agent suggests that home buyers are dating the mortgage but marrying the house just walk away. It costs money to refinance and if housing prices level out or go down home buyers wishing to refinance may find themselves with no equity, or worse.

Mortgage rate chart Nov 2023
Mortgage interest rates

Cash buyers can take advantage of softer prices during the holidays and fewer buyers to compete with.

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