MORTGAGE INTEREST RATES - June 2019 to June 2022 📈😳🏡
This graph is a great visual of how Mortgage Rates have changed since June 2019. While the rise in rates may seem scary at first sight, it could be a good thing for our local housing market, which has been overheated and aggressive for the past two years.
A concern regarding these rising Mortgage Rates coupled with our very high home prices is home buyers tempted by the lower initial rates of Adjustable Rate Mortgages. The only downturn in the past 22 years was primarily due to predatory lending practices. A sizable portion of that was in Adjustable Rate Mortgages, which couldn't be refinanced before the rate adjusted higher. Let's hope we've learned a big lesson from the past and don't let history repeat itself.