It’s still a seller’s market’ despite mortgage rates hitting 23-year high

At 7.3% the week ending Sept. 28, the 30-year fixed-rate mortgage hit the highest level since 2000, according to Freddie Mac.

Jessica Geren and her husband, Matt, traded in a 2.75% mortgage rate for a 5.5% adjustable-rate mortgage in July when they sold their home in Ledyard, Connecticut, to buy a new home in Croton, New York.

The 5/1 arm adjustable-rate mortgage loan the Gerens took provides a fixed interest rate for the first five years, after which it switches to an adjustable interest rate for the remainder of its term. Depending on the interest-rate climate in the future, it could get more expensive.

That was the only way the couple said they could make the math work.

Click here to read the full article
Source: USA Today

—–

If you have any questions or thoughts about the topic, feel free to contact us here or leave a comment below.

You might also like
Unlock the potential of the Dallas-Fort Worth Metroplex with our comprehensive homebuyer's guide. Explore job opportunities, cultural diversity, and diverse housing options. Navigate submarkets and market trends for a successful home purchase in this dynamic region!Understanding the Dallas-Fort Worth Metroplex: A homebuyer’s guide
US home sales will rebound strongly in 2024, according to the NAR. Here are 10 cities with strong pent-up demand.These will be the 10 hottest real estate markets in the US as home sales surge in 2024
According to some North Texas realtors, the housing market is finally balancing out and now's the time to buy.North Texas realtors say the housing market is balancing out – and the market is hot
Explore DFW's hidden gems! Discover underrated residential areas offering charm, affordability, and community. Find your perfect home in the diverse DFW metroplex.DFW’s hidden gems: Underrated residential areas
The Hickmans don’t identify with the term “house flippers.” The duo prefer to think of their work as preservation.The anti-home flippers transforming East Dallas real estate
When selling a home, timing can make a difference: Home prices rise and fall, similar to stocks. Head to market at the peak moment.6 reasons why it makes sense to sell a home right now—before the spring rush
The total value of the US housing market is 49% higher than before the pandemic.The value of residential real estate broke a new record $52 trillion
Even as home prices hit new highs, experts say there are signs that the housing market is becoming better for buyers in some locations.Defining a buyer’s market ‘is always a bit tricky,’ real estate expert says
0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *