Fixed Rate Update: October 2022

Curious what IS happening with rates? Here is a look at todays rate for a 30 year fixed, assuming good credit and 20% down.

I will be periodically posting updates on rate because it is SUCH a hot topic right now.

It is the reason our market has cooled off. Fewer Buyers can compete or find their potential payments affordable right now and a lot of Buyers are sitting on the sidelines waiting for rates to come down.

When will it happen? We don't know. What we do know is this, the rate is not a permanent factor. Opportunities are out there to refinance later so if buying a home right now makes sense and you can qualify at this rate and payment, it may be worth looking into before you have more competition.

We are predicting once rates do come down, Buyers will renter the market and the hot market will be back.

There are pros and cons to every market and what makes sense for YOU is a very personal decision.

There are also A LOT of options right now to avoid actually paying THIS interest rate. Plus, with motivated Sellers, the options of creative lending solutions are on the table.

As long as you have the knowledge to make the best decision for YOU, I have done my job.