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UPDATE: On Mortgage Rate

Friday, August 12, 2022   /   by Ameil Gill

UPDATE: On Mortgage Rate

Let's talk about interest rates (since it's all over the news).


After years of staying at record lows, mortgage rates have increased from 3% to over 6% since early 2022, and took another steep climb last week. Economists are expecting them to increase even further by the end of this year.. for the first time in over 14 years, interest rates are now above 6%.


What does that mean for buyers and sellers?


BUYERS:


As interest rates continue to increase, your purchasing power decreases. On a $300,000 home, this most recent increase in rates will change your monthly payment by about $150/month. That's about $30,000 in buying power that you just lost. So if you've been on the fence about buying a home, it may be smart to act sooner rather than later. 


SELLERS:


With rates increasing, some buyers will likely back out of the market. This means home values will probably start to stabilize even further. If you've been thinking about selling, don't wait for the spring market. Let's chat now about a game plan to get you the most money possible. 


Have questions about the current market or interest rates? Let's connect, I would love to help you understand what this could mean for you in your home buying or selling journey!
REMAX Realty One Inc. - The Gill Team
Ameil Gill
50 Burnhamthorpe Road West Sussex Centre Ste #102
Mississauga, ON L5B 3C2
416-884-1359

Information is provided exclusively for consumers’ personal use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable, but is not guaranteed accurate by the MLS®.
Information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable, but is not guaranteed accurate by the MLS®. Copyright 2022 Last Updated December 3, 2022
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