Perchance you've noticed? Mortgages? They are off to the races! ⚡️🏃🏻💨💨 An almost breakneck 7.23% for a 30-year fixed package according to Freddie Mac in late August. Blast from the past? That's the steepest since, hold on... June 2001. It's icy-cold now; the zest for homes has slackened nationally. Westchester market is still moving along though. Here's the twist: pandemic-era sellers, those savvy folks who secured teeny-weeny rates? They're holding their cards close, jittery about leaping into the buyer’s shoes amidst these lightning fast rates.
The New York Times — yeah, the journal of record — whispers of economists foreseeing these mortgage rates sticking like gum to our shoes for a while. Post this sticky spell? Rates will soar beyond the once cozy sub-3% nest. Yet, our man Lawrence Yun, the big time economist at NAR, drops a wee hint. Come year-end, we might see a nosedive, and come spring 2024? Perhaps a softer 6%. His two cents? "Economics. Logic. Both chant: the rate ought to dip!" He nudges towards the Fed's recent laziness in cranking up interest rates.
So.. What’s a buyer to do? Play the wait game or lace up and start the race? Lace up ladies and gentlemen. Rates aren’t guaranteed and refinancing later is a thing. Jump in now, before prices get out of control. If our girl Sha'Carri Richardson can win a world championship for the USA from lane 9, you can buy your dream home. If you need help…AskHollingsworth.
Image Source: Erik van Leeuwen (bron: Wikipedia) via Creative Commons