In the past, many people have believed that rising interest rates are a very bad thing for the real estate market. After all, who wants to pay more interest on the money they borrow to buy houses, right? However, this isn’t entirely true. As of April 21, 2022, the average mortgage rate is at 5.15% This may be alarming as a sudden rise is observed in the past weeks. But, Mortgage historical data shows that at 5%, we are still remarkably low compared to the previous years leading up to the pandemic, And a mortgage today with a fixed rate for the next 30 years is still considerably cheaper than historical comparisons, Thus buying a property now is still at a bargain considering the inevitable growth of the overall U.S market in the next years. Listen in as our experts discuss what is happening with rates in the current real estate market!
