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Mortgage rates have kept climbing this fall. According to Freddie Mac, the 30-year fixed rate averaged 7.28% as of October 1, compared with 6.34% a year earlier. That’s a meaningful jump for anyone who needs financing. tradingeconomics
Despite higher mortgage rates, homeowners in Greater New Haven and Middlesex County continue to benefit from strong market conditions. Inventory remains below historical norms, giving well-maintained homes an advantage when they come to market. Buyers are taking more time to evaluate their options than they did during the pandemic frenzy, but demand continues to outpace supply in many communities.
What does this mean for you?
If you’re selling: Low inventory is still working in your favor. Pricing is more important than ever, however, because buyers paying 7% are careful, and an overpriced home will sit.
If you’re buying: Rate-sensitive buyers have stepped back a bit, which can mean slightly less competition. If rates ease later, refinancing may be an option, but the right home at the right price is hard to find in a tight market.
Every situation is different, and we’re always glad to run the numbers with you.
