In the Reno-Sparks market the opportunities for buyers to purchase this Fall have not been this good in quite some time.  At the end of September there were 1,365 active listings.  This is up 23.1% from September 2017.  This is also the highest level of active listings this year.  The choices for buyers are greater and with more choices there may be more opportunities to get into a home without multiple offers, over bidding and paying for more costs.  The Shocket Team can help you navigate this Fall’s housing market. Reno-SparksRealEstate.com

Mortgage interest rates, as reported by Freddie Mac, have increased by close to a quarter of a percent over the last several weeks. Freddie Mac, Fannie Mae, the Mortgage Bankers Association, and the National Association of Realtors are all calling for mortgage rates to rise another quarter of a percent by next year.

In addition to the predictions from the four major reporting agencies mentioned above, the Federal Open Market Committee recently voted “unanimously to approve a 1/4 percentage point increase in the primary credit rate to 2.75 percent.” Historically, an increase in the primary credit rate has translated to an overall jump in mortgage interest rates as well.

This has caused some purchasers to lament the fact that they may no longer be able to get a rate below 4%. However, we must realize that current rates are still at historic lows.

Here is a chart showing the average mortgage interest rate over the last several decades:

Mortgage Interest Rates are Still Going Up… Should You Wait to Buy? | MyKCM

Bottom Line

Though you may have missed the lowest mortgage rate ever offered, you can still get a better interest rate than your older brother or sister did ten years ago, a lower rate than your parents did twenty years ago, and a better rate than your grandparents did forty years ago.