As of this writing, the rate for a 30-year fixed rate mortgage is at about 4.5% (for a real-time update on mortgage rates, click this link). This is a jump up from where the rate has been over the last several years, but still very low by historical standards.
How will higher mortgage rates impact the Madison real estate market?
In the short-term, higher mortgage rates are creating some uncertainty, especially for buyers whose financing budget is tight. In the long-term, we believe higher rates will prove to have a positive impact on the market. Madison area real estate prices have been rising at an unsustainable pace, and higher rates are needed to temper that growth.
Do you have questions about how higher rates will affect your purchase or your sale?
Dan Miller, REALTOR
Mad City Dream Homes & RE/MAX Preferred