As a real estate licensee since 1973, I have witnessed mortgage interest rates as high as 18% and as low as 2%. This chart by Rocket Mortgage shows mortgage interest rates since 1971.
Who sets the rates and what factors affect their decisions? The first part of the question is easy to answer – the people who are lending the money make that decision. The second part of the question is more difficult to answer, but supply and demand is the main underlying factor. Other factors include (in simple terms):
Interestingly enough, whether the rates are 18% or 2%, the real estate business continues by adjusting to the given situation. I can recall reverse amortization mortgages, split funding, wrap around mortgages, lease with purchase option, lease purchase and my favorite – owner financing.
Contact us at the Andrews Team to discuss current market and financing conditions.
This is the market recap for the eleventh month of 2024.
This is the market recap for the tenth month of 2024.
Who sets the rate and what factors affect it?
Should you buy now or wait for interest rates to drop?
Here are a few great suggestions of fun things to do this fall on the Gulf Coast.
These updates compare sales statistics with properties listed for sale.
Many factors to consider when buying a home, and many of these factors are out of your control.
Most of your house viewing just like a seasoned pro and increase your chances of finding “the one”.
Buying a condo simplifies homeownership, as condo owners typically have less maintenance.
Discover your dream home on the Alabama Gulf Coast—partner with The Andrews Team for unmatched expertise and exceptional results. Start your journey today!