May 2022, Real Estate Update for Westchester County, NY

The Current Housing Mortgage Rates

When we look at the current mortgage rates over the past 20 years, the historical data shows that today's current rates are still at low levels. If you look at the FreddieMac photo you can see the gradual decrease in rates and then the sudden increase in rates. This is scaring buyers- however, interest rates are still historically low. The recent increase in interest rates has been forcing home buyers out of the real estate market or creating a situation where buyers find themselves unable to purchase homes at lower interest rates.

I want to add that I am not a financial advisor and if you have any questions about mortgages, please speak with a financial professional or a mortgage banker.

Westchester County Available Housing

Many homeowners are frustrated with the lack of housing inventory. The sellers I have personally spoken to would like to sell their homes for top dollar and use that equity in their current homes to either purchase a larger home for their growing families or downsize into a smaller home that will better fit their lifestyle. In the above photo, I used an arrow to help illustrate the decline of available homes on the market over the past 3 years.