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Interest Rates for your mountain home

First off, Happy Holidays to all of our clients past, present and future!

We hope you are enjoying all this great snow. We are having a ball and you know what they say, “If you are lucky enough to live in the mountains you are are lucky enough” We try to never forget this and truly believe it.

According to Freddie Mac, the national average for a 30-year fixed rate mortgage as of December 14, 2023, dropped below 7% for the first time since August, currently around 6.95% which is still pretty cheap money. It is difficult to remember this as we are got pretty spoiled with those 3 and 4% interest rates we have seen for the last couple of years.  On Wednesday, Dec 13, 2023, the Federal Reserve announced that it would not be raising interest rates. YAHOO! This is good news!

Many believe that this means the Feds are halting the  twenty-one month crusade of interest rate hikes against rising inflation. That crusade saw 11 rate hikes since March 2022. The  Fed’s rate hikes affect borrowing and savings rates consumers experience on a daily basis. 

We’ll keep you posted.

How is the market in Summit County you ask?

Here are the reports comparing November of 2022 with November of 2023. For condos and townhomes in Summit County.

The number of Sold listings has dropped and the amount of time it takes to sell a property has risen which suggests the market is moving in favor of the Buyers based on just this one month of data. Contact us for a more complete analysis.

Scroll down for data for single family homes in this time period.

The chart below shows single family homes also comparing November 2022 to November 2023. The single family home market is slowing more than the condo/townhome market. This could possibly be because there are more condos/townhomes to choose from and typically the prices for single family homes are in a higher price point.