Before you make up your mind about selling your house, it's good to have a clear idea of what's happening in the housing market. An encouraging thing to note is that homebuyers are actually adjusting to the current mortgage rates and are starting to consider them as the new normal.

I wanted to give you a quick rundown on what's been going on with mortgage rates recently. Take a look at the graph below, which shows the trend for the 30-year fixed mortgage rate from Freddie Mac since last October. It's been quite the roller coaster ride, but let me break it down for you.
Over the past nine months, rates have been hovering between 6% and 7% pretty consistently. It's been like a steady rhythm, not too high, not too low. So if you're thinking about getting a mortgage, this could give you a good idea of what to expect.

““Mortgage rates heavily influence the direction of home sales. Relatively steady rates have led to several consecutive months of consistent home sales.”
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— Lawrence Yun, Chief Economist at the National Association of Realtors (NAR),

If you're selling your home, you'll be happy to hear that home sales are going pretty strong at the moment. This basically means that there are plenty of buyers out there who are actively looking to purchase a new place. Now, let me fill you in on how mortgage rates have influenced this increase in demand lately.

When mortgage rates shot up last year, going from around 3% to 7%, a lot of people looking to buy a house got a major surprise and decided to wait. But now that some time has gone by, that initial shock has faded away. Buyers have gotten used to the mortgage rates we have now and realized that the super low rates we had before are a thing of the past. As Doug Duncan, the SVP and Chief Economist at Fannie Mae, puts it:

““. . . consumers are adapting to the idea that higher mortgage rates will likely stick around for the foreseeable future.”
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— Doug Duncan, SVP and Chief Economist at Fannie Mae

Guess what? According to a new survey done by Freddie Mac, around 18% of the people they asked said they're likely to purchase a home within the next six months. Can you believe that? That's almost one out of every five respondents! It just goes to prove that there are plenty of buyers out there who are planning to get in on the action in the coming months. Exciting times ahead for the real estate market!

Well, mortgage rates don't really dictate all of the buyer demand. I mean, no matter what the rates are, people will always have their own reasons for moving. You know, like getting a new job, wanting a different place to live, or just being motivated by their own personal factors. So, if you're selling your house, don't worry too much, because there's definitely a market out there for it. In fact, the demand is pretty strong right now, as buyers are getting comfortable with the current rates.

Bottom Line

Have you noticed a change in the way buyers are seeing mortgage rates these days? It seems like they're starting to get accustomed to the new normal. It's actually pretty great news because these steady rates are really boosting buyer demand and keeping home sales steady. If you're thinking of selling your house, why not connect with me? I can help get your property on the market and in front of those eager buyers. Let's seize this opportunity together!