We saw mortgage interest rates continue to trend higher in the last 30 days. The recent change will cost new borrowers another $13.50 per month for every $100,000 borrowed. Average U.S. rates for 30-year fixed rate mortgages were at 3.69% as of this week. Last month at this time, they were sitting at 3.45%. Of course, both are historically low.
U.S. home prices soared at their highest rate on record last year. Most economists saw that price growth as simply unsustainable. Virtually every forecaster predicted home price growth would slow significantly this year.
Due to the limited supply of existing homes for sale, building is more attractive than ever (assuming you have time). Here are some things to think about when talking to your homebuilder.
While there is no correct answer to the question, the reality is that given the market conditions, people are seeing few homes before buying than in the past. According to a report by the National Association of Realtors (NAR), homebuyers who successfully purchased a home in 2021 viewed a median of only eight properties before completing their transaction.