WOW … thats right about where it was when I got out of HS about 60 yrs ago, BUT not as high as it was in “82-83” when it hit 16%. At 15% - 16% they still bought (actually it was a feeding frenzy because buyers were scared shitless it was gonna keep going).
Rates were higher than that in 1970-93. I was paying a variable rate of 11-14% on a home loan in 1974
This is about as bad of conditions possible for home sales… spiking rates and a week before an election.
Between April 1971 and October 2024, 30-year fixed-rate mortgages averaged 7.73% .
Yeah, but the ridiculously low rates in recent years have allowed prices to creep up to the point that houses are no longer affordable to many. We’ve basically backed ourselves into a corner that’s going to take a long time to get out of.
2025 not off to a good start…
Not a good start for interest rates, but as far as inspections go, I can’t remember a busier January, my phone has been blowing up. I hope the business keeps coming.
There’s been a lot of pent up demand and I’m thinking people are just tired of waiting for rates to go down.
That’s great Kevin! My market is still dead but I’m keeping my phone charged just in case… 
