Mortgage Rates Rise above Seven Percent
Steven Huang | October 27, 2022
Real Estate
Steven Huang | October 27, 2022
Real Estate
Interest rate for the popular 30-year fixed-rate mortgage loan has now broken the seven percent mark for the first time since April 2002, according to Freddie Mac. As of October 27, 30-year Fixed is averaging 7.08% nationwide, representing an increase of 0.14% in a week and 3.94% over the last 12 months.
This rapid rise is unusually fast and has caused a shock for many lenders, borrowers and sellers alike. Anecdotally, it takes about a week or two for most people to absorb this information before they can make major decisions like buying a property. In that sense, 2022 has been a great year for buyers to negotiate deals without the intense competition we had been seeing, with the short window of certain weeks being particularly in buyer's favor. If you're in the market, please check with us on a weekly basis!
We should also consider the historical perspective that the current interest rate is actually not unprecedented. The 1980s and 1990s had even higher rates. And as well know, home prices and rents have been on upward trajectories during and since that time, because of the decades-long chronic US housing under-supply. And, our economy has only show itself to be quite resilient, even posing a growth of GDP in the latest quarter, as reported by Washington Post and others. Judging by the number of our team's clients who are taking advantage of this buying opportunity, the housing demand is definitely strong if less visible.
Recent
Browse our blog posts to be in the know.
Help Support Foster Youth in San Francisco One of the best things I’ve done in the past year was to become a CASA (Court Appointed Special Advocate) for a foster youth… Read more
February is Black History Month. Paying tribute to the generations of African Americans who struggled with adversity to achieve full citizenship in American society. W… Read more
It’s May Already! How did that happen? We came back relaxed after a spring break trip to Hawaii, and we had so much fun at Bodega Bay’s Fisherman’s Festival and Salmon… Read more
Looking for a Home for You and Your Furry Family? You’ve probably heard the line: There are more dogs than children in San Francisco. Well, it’s actually true. Accordi… Read more
It’s that time of year again where your local farmers market is loaded up with fresh fruits and vegetables. Below are some of our favorite local farmers markets throug… Read more
We were very excited to get in some winter fun with the kids in Tahoe, where we skied, played in the snow, and went sledding. How lucky we are to have so much beauty t… Read more
Local Spotlight – Dumpling Time DumplingTime.com Love Dumplings? Check out Dumpling Time on 11 Division St in San Francisco. MODERN CAL-ASIAN EATERY — WHERE VISITORS C… Read more
2025 Upcoming Events
Navigating Airport & Freeway Noise in San Francisco
A Guide for Locals and Visitors
Full Guide to 79 different farmers’ markets in San Francisco and beyond.
Where Curiosity Meets Creativity – Top Early Learning Centers for Your Child’s Bright Beginning
A Parent’s Guide to Quality Childcare
Top Scenic Parks Near San Francisco for Nature Lovers
Discovering Your Perfect Bay Area Escape
Top Biking Trails Near San Francisco
Embrace the Ease of Travel Across the Bay Area
Unveiling the Best Amenities Near San Francisco
Your Guide to Fresh Finds and Specialty Foods in the Bay Area
A Creative Guide to the Top Schools Near San Francisco
Discover the Best Asian Markets Near San Francisco
Top Taquerias Near San Francisco
Best Hiking Trails Near San Francisco
Top Dog Parks Near San Francisco
Top 10 Must-Try Restaurants Near San Francisco
You’ve got questions and we can’t wait to answer them.
