The historical precedent of rate fluctuations during recessions.
In the wake of one of the most extreme seller’s markets we’ve ever seen, one of the top questions I’m getting right now from both buyers and sellers is what would a recession mean for the housing market?
While I, nor anyone, can tell you exactly what the future holds, I can show you what history tells us has happened to mortgage rates in past recessions. Based on data dating back to the 1980s, mortgage rates have decreased in each of the last six recessions. That means historically in a recession, rates have come down.
So if the high mortgage rates we’ve seen this year have caused you to put your plans on hold, this is one reason you don’t need to fear the word recession when it comes to buying a home. This may not be a guarantee of what will happen every time, but we can at least learn from what history shows us. If you’re wondering whether it’s a good time to buy a home, let’s connect today. Reach out to me by phone or email. I look forward to helping you.
