Interest rates are up again this week. Each week since the first of February, with only a few exceptions, rates have gone up anywhere from 1/8 to 3/8 of a point. I receive weekly rates on Friday from the same Mortgage professional. These are the rates I use in our Monday Market Updates so that I am always comparing apples to apples. As of last Friday the 8th, conforming rates are at 5.125%. They haven’t been this high since 2009. If you look at the historic rate chart below, it’s interesting to see that until recently, rates have been, for the most part, steadily decreasing since 1979. Hopefully, rates will flatten out pretty soon, which would alleviate a lot of stress for Buyers.
Inventory levels have moved up a bit this week to 87 homes available in NW Seattle. This is still not a lot of homes. This same period last year we had 133 homes available for sale. We are down nearly 35%. Sold homes are also down this year for the same period, but only by about 7%. Just by looking at these two numbers, it’s easy to see that 2022 is a hotter Seller’s Market than the same period for 2021. The vast majority of homes are currently selling in about 5 to 7 days.
We know both Buyers and Sellers are concerned about the rising interest rates. We will of course continue to track the stats weekly so that we are able to report back, if and when we start see a change in the market.
We hope everyone has a lovely Easter weekend!
-Steve & Sandra
𝐴𝑛𝑑 𝑎𝑠 𝑎𝑙𝑤𝑎𝑦𝑠, 𝑖𝑓 𝑦𝑜𝑢 ℎ𝑎𝑣𝑒 𝑎𝑛𝑦 𝑎𝑑𝑑𝑖𝑡𝑖𝑜𝑛𝑎𝑙 𝑟𝑒𝑎𝑙 𝑒𝑠𝑡𝑎𝑡𝑒 𝑞𝑢𝑒𝑠𝑡𝑖𝑜𝑛𝑠, 𝑓𝑒𝑒𝑙 𝑓𝑟𝑒𝑒 𝑡𝑜 𝑐𝑎𝑙𝑙/𝑡𝑒𝑥𝑡 𝑢𝑠 𝑎𝑛𝑦 𝑡𝑖𝑚𝑒! 𝑊𝑒’𝑟𝑒 𝑎𝑙𝑤𝑎𝑦𝑠 ℎ𝑒𝑟𝑒 𝑡𝑜 ℎ𝑒𝑙𝑝!
Steve 📲 (c) 206-769-9577 📧stevehill@windermere.com
Sandra 📲 (c) 206-271-7100 📧sbrenner@windermere.com
🔗 Brennerhill.com
Windermere Real Estate /FN
