Last Wednesday and Thursday’s stock market nosedive had analysts debating whether the Fed’s hike in interest rates was to blame. Since Litchfield mortgage rates are likely to also be affected, local selling-minded homeowners might well have begun to wonder whether we are headed into a less-than-favorable selling environment.
If so, would listing your home now make sense? Would holding out until lower Litchfield mortgage rates reappear be worth the wait? The benefit to potential buyers would be immediate: more affordable monthly payments for the same asking price.
Ultimately, the answer to that timing question will always be uncertain, but one clue can be found in the history of mortgage rates in recent decades. According to the Freddie Mac’s mortgage rate archive, that history leads to an unambiguous conclusion:
30-YEAR MORTGAGE INTEREST RATE AVERAGES
Putting it all together, the previous 40 years produced average mortgage interest rates just shy of double digits: 9.9%, to be precise! Even after the latest Federal Reserve action, last week’s national 30-year rate “jump” was to only 4.9%. With Litchfield mortgage interest rates currently at less than half of what U.S. home buyers have been willing to pay in past eras, it turns out that we are still in the midst of a decidedly friendly environment for buyers—which makes it seller-friendly territory, too.
There can be many reasons why a homeowner may decide to put off listing their home, but today’s Litchfield mortgage rates shouldn’t be one of them. I’m happy to offer a no-obligation rundown on the outlook for this fall’s market—and how your property might fit into that picture. Call me if you’d like to chat!
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