Do you like roller coasters?
I have never been a fan and the interest rate ride is no fun. A home that was affordable to you a few months ago is now out of reach. This can be frustrating and thank goodness for refinancing options when rates dip.
During a sudden change in what seemed too good to be true, I find it helpful to take a step back and look at the bigger picture that spans over a longer period of time.
Here is a graph that gives us a bigger perspective of the mortgage rollercoaster:
The average contract interest rate for 30-year fixed rate mortgages over the last 25 years are outlined above.
Current Mortgage rates are as follows:
30 Year Fixed: 7.332%
15 Year Fixed: 6.325%
Homes Sold Per Year
The below chart follows existing home sales in the United States over the last 25 years.
The below chart outlines the quantity of homes sold in Houston each year from 2012-2022.
2022 data is reflective of year to date homes sold.
The below graphs outline the median sales price over the years in Memorial Villages, River Oaks, and Houston Heights.
Curious about how your neighborhood compares?