So the question I get often is, "How is this recession going to change the housing market?" Or "Will this recession lower mortgage rates, higher mortgage rates, or nothing at all?"
Now I don't have all the answers, but what I can do is look at the past and take an educated guess as to what the future holds.
Looking at the graph above, you will see that since the 1980s, mortgage rates have decreased during the last six recessions.
ARE HIGH MORTGAGE RATES HOLDING YOU BACK FROM BUYING?
If these current high mortgage rates have led you to believe that rates will never come back down, have no fear because data points to a decrease in rates during times of recession.
Don't get me wrong, there will still be some mortgage rate volatility over the coming months while the feds try and cool down inflation. Still, history indicates you will get another opportunity to jump at low mortgage rates in the coming future.
Call me with any comments, questions, or concerns about the North Houston Market!