Watch the original video: Chris Lamm- Redding Mortgage Lender | June Update
From The Desk Of Chris Lamm @ Commerce Home Mortgage
Happy June. I hope everyone is enjoying their summer.
It is no secret that rates are rising, as you can see in the graphic below, interest rates have started on an upward trajectory and are expected to continue to rise.
What does this mean for our current market? Mark Fleming who is First American’s Chief Economist says:
Our housing market is positioned to adapt and for the most part, rates being in the 4’s is not a bad thing. So getting a rate in the 4’s and even 5’s is still considered an all time low rate.
Another thing we get asked a lot right now is is it better to rent or buy. As you will see in the graphics below, if you were to rent a house right now at the average sales price in Shasta County, around $295,000, you would be paying about $800 dollars more in rent in 9 years than if you were to buy.
In closing, even with rates being higher, it still makes sense for a lot of people to buy and is only strengthening our market right now, which is looking more stable then ever.
As always, if you have any questions or there’s anything I can do to help, please feel free to email me at chris@reddinglender.com or contact me at 503.282.1166.
Have a great June.
Chris Lamm