Buying A House Just Got Harder In Western New York
The housing market is super hot these days around Western New York. If you are trying to buy a home, there is some serious competition out there and people are buying homes well over the asking price. But there is some news that is hard to swallow and hits the bank account as the interest rates have surged over the last couple of days.
The average rate on the popular 30-year fixed mortgage just crossed 5%, now standing at 5.02%, according to Mortgage News Daily. This is the first time it has crossed that threshold since 2011, save two days in 2018. It stood at 3.38% one year ago today.
For the first time in over a decade, the price of a 30 year fixed mortgage has surpassed 5%.
This may be good news for those of us who are trying to stay patient while looking for a home these days. Truthfully, if you are trying to put in an offer on a home it has been frustrating. Houses are selling for tens of thousands over the asking and there are dozens of offers within hours of the house hitting the market. While we wait to see what happens, our family has decided to pause our home buying search and hunt. We definitely need the space. But the prices, the competition and the news about interest rates has us a little concerned.
We have learned a few things during our search.If you plan to buy a house, make sure you have your pre-approval letter and do some homework on your credit and the interest rates to make sure that what you are buying is truly worth the expense in the long run.