GREENSBORO, N.C. — Once again, the Federal Reserve is leaving interest rates paused. This is the third consecutive time. After the previous pauses, mortgage rates fell as well.
According to CBS News, on November 1, the date of the second pause, the average age interest rate for a 30-year fixed-rate mortgage was 8.06%. For a 15-year mortgage, it was 7.20%. As of December 13, those rates stand at 7.31% and 6.70%, respectively. That helps home buyers everywhere, including here in the Triad.
"You know we're not getting those crazy 30 offers in 24 hours. You may still have multiple offers, still may have to compete for some, but you're mainly competing with two, four, five offers instead of 10 or more," said Fran Johnson, Realtor for Keller Williams.
Johnson said it's always a good time to buy and always a good time to sell because you don't know what the market is in the future, but you do know what the market is right now!
She has advice for folks on both sides.
FOR BUYERS:
"If you're a buyer, while these rates are in the six's, if there's something out there, I would go ahead and buy now. Wouldn't go in it with crazy low prices. That's not where the mindset is,” said Johnson.
FOR SELLERS:
"If you're a seller, my advice to you would be to pay attention to your pricing. You cannot have the mindset anymore that you can put your house on the market at any price and expect tons of offers. You have to price yourself for the market,” said Johnson.