Living In NH – Mortgage Rates 2022
Thinking of buying a house? Rising interest rates got you down? No need to worry! We are hearing a lot about rising mortgage rates and how it will affect the housing market today but the truth is, interest rates are still historically low.
In the early 80’s interest rates were as high as 18.36%!! That meant that if you purchased a home for $100,000, your mortgage payment was somewhere around $1,500 a month! What many believed was a housing bubble that burst in the early 2000’s, was actually a lending issue. U.S government sponsored mortgage lenders Fannie Mae and Freddie Mac made home loans available to borrowers that had a higher risk of defaulting on loans.
Lending standards are more strict than they were 15 years ago and few economists feel that the run up in housing prices is a bubble that’s about to burst.. Back in 2018 before the start of the pandemic, interest rates were 4.64%. Today interest rates are hovering around 3.8% and experts say that is where they expect them to remain for the year.
During the pandemic, interest rates were lowered with the hope that it would keep the economy going and it worked! Today, interest rates are not high, they have just returned to a pre pandemic normal.
Your real estate agent is the best source of information about the local community and real estate topics. Give Kevin Cooper a call today at 603-657-6787 to learn more about local areas, discuss selling a house or tour available homes for sale.