Where Are Mortgage Rates Headed? The interest rate you pay on your home mortgage has a direct impact on your monthly payment. The higher the rate the greater the payment will be. That is why it is important to look at where rates are headed when deciding to buy now or wait until next year.
In a recent post, we explained that the supply of homes for sale in December was at its lowest level in over a year. The January National Housing Trend Report from realtor.com now reveals that inventory in January has decreased another 6.7% month over month and 8.7% year over year. This is occurring at the same time that buyer activity (demand) remains strong.
If there’s a “For Sale” sign in my neighbor’s yard, I can tell you how much they’re asking whether it’s worth it. I have a habit of checking listings online, even if I’m not planning to move. I get upset when I see a beautiful old home that looks neglected unloved, fantasize about “rescuing” it. I'd go to a neighbor’s party just to get a look inside. I’m always redecorating my house. It’s never finished.