As we move deeper into the spring season, the Butte County residential market is showing a fascinating mix of resilience and transition. Whether you are looking at the bustling streets of Chico, the
Interest Rates Increasing
Dated: November 10 2022
Views: 309
The average for a 30-year, fixed loan rose to over 7.00% last week, Freddie Mac said in a statement Thursday. Rates have been hovering around the highest levels in two decades.
A year ago at this time, it averaged 3.00%.
Borrowing costs have skyrocketed since the beginning of the year, pushing some buyers out of the market and forcing others to cancel deals. Affordability has worsened in the market, with first-time buyers spending even more of their income on mortgage payments.
When interest rates rise, purchasing power goes down. If you are fully prepared to sell your home, do so before rates spike significantly. Fewer folks will be able to afford your home as interest rates rise, therefore it may decrease the value of your home.
Jacob Darr
Meet Jacob Darr, a seasoned real estate professional and Broker with NextHome North Valley Realty. With over 10 years of experience in the industry, Jacob is committed to providing his clients with un....
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