We’ve had very low mortgage rates for most of the last 7 years. This has been great for home buyers and home sellers alike as buyers are more eager to purchase homes and are getting better rates. But since January 2015, interest rates have crept up from 3.7% to 4.2%. While that isn’t a historic leap, it may signal that the time of historically low interest rates is coming to an end.
According to Jonathon Smoke, Chief Economist for Realtor.com, “normal” rates is at about 6%. Smoke doesn’t see us hitting normal rates for another couple years, though. The good news about rising interest rates is that lenders will likely ease some of the current lending restrictions, making getting a mortgage a little easier for most people.
For more information about local mortgage rates, contact any of the excellent lenders in the Reno/Sparks area. To read the Realtor.com article in full, click here.
If you have any questions about buying or selling a home in Reno or Sparks, call us at 775-453-4568. We’d be happy to help in any way we can.