Interest rates are always a topic of interest, especially now that the Fed has raised them in order to combat inflation. The increase is apparent in people’s day-to-day lives: from paying credit card debt, to financing a car, to their mortgage rates.
As I write this blog, the average rate for a 30-year fixed-rate mortgage is 5.65%, whereas the 2021 average for the same loan type was 2.96%. This is a significant jump; however, the average rate for a 30-year fixed-rate loan between 1971 and 2021 was 7.77%, so we are still hovering below that number and we are nowhere near the 18% and higher rates that we saw in the early 1980’s. According to Forbes.com, “Experts are forecasting that the 30-year, fixed-mortgage rate will vary from 4.8% to 5.5% by the end of 2022,” which is higher than what we saw last year but still not unheard of.
Overall, while I wish mortgage rates were lower, I do not think that the increase – which supposedly will hover around where it is now – will stop our busy real estate market, at least not in South Florida.
If you are looking to buy or sell a home anywhere in Miami, please call me at 305-798-8685, or visit my website at: Luxury Miami Real Estate
My focused dedication as a realtor in my home town of Miami for over 25 years, consistently puts me at the top of my field. Whether you’re looking to buy or sell your home, let me help you from start to finish with my results-proven: professional marketing, excellent property exposure and comprehensive experience.
Consistently in the top 10 company-wide at BHHS EWM Realty for the past 15 years, my focus is on Coral Gables, Coconut Grove, Pinecrest and South Miami — specializing in luxury real estate and waterfront properties. Call me today and let’s get started!