Rates and the housing market seem to be on everyone's mind, so we want to update you on the current status and make sure you are in the know! 

We heard rumors but sadly 6% is here and here to stay for a while (in some cases as high as 6.75% for lower credit borrowers). This can be very scary to hear and discouraging for buyers.  But we have some stats that might put your mind at ease if you are looking for a home or plan to in the near future!  

-Average credit card rate in U.S. is 13.99%

-Average student loan rate in U.S. is 7.99%

So, yes 6% is much higher than when we were at 3% in the height of the pandemic, but it is still is a great rate for a secured term that is fixed. 

It's also important not to compare today to the abnormal pandemic years, but instead look at the most recent NORMAL year. What will that show you ask? Well it will show that the current housing market is still strong and is not in a crash! 

What we are seeing now is that the market is returning to more normal, more typical, pre-pandemic levels! 

Bottom line, we all know the cost of rent is not going down and buying a house even at rate in 6’s still is better alternative!!!