Let’s talk mortgage rates

Earlier this year, lower mortgage rates gave buyers some breathing room. That changed as rates climbed through late summer. Freddie Mac’s weekly survey put the average 30-year fixed mortgage at 7.03% on September 24, up from 6.30% a year earlier. That’s a national average, not a rate quote for any particular buyer. freddiemac.com

Why are rates rising? Higher oil prices have added to inflation concerns, which can put upward pressure on longer-term borrowing costs. The Federal Reserve also raised its benchmark rate by a quarter point in September. The Fed does not set mortgage rates directly, and no single event determines where they go next. Federal Reserve issues FOMC statement

Here’s what I’d keep in mind if a move is on your radar:

If you’re buying: Start with a monthly payment you’re comfortable carrying, then ask your lender to show you how different rates, down payments, and possible seller credits affect it. If a home fits your needs and your budget, you can make a decision based on today’s numbers rather than a guess about future rates.

If you’re selling: Buyers are watching their budgets closely. Pricing your home against current comparable sales, preparing it well, and marketing it effectively matter from the first day it’s listed. What a neighbor’s home sold for in the spring may need context before it guides an October asking price.

Here in Northeast Ohio, the right strategy still comes down to the specific home, price point, and community. If you’re considering a move in Hartville, Lake Township, or the surrounding area, I’m happy to help you look at your options without pressure.

Jenn McKeever
The KeyGroup | Real of Ohio
330.803.1569