What Effect Do Increased Interest Rates Have on the Charleston Real Estate Market?

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This past week, the Fed raised the short-term prime interest rate by 0.25%. What does this mean for the Charleston housing market and mortgage rates?

The quick answer is, not much. Adam Kernen from Guaranteed Rate explained that the markets were expecting this increase, and last week we saw little movement in interest rates. In fact, USA Today reports that the mortgage industry had anticipated this increase, and may have been pricing it into mortgage rates already.

If there is an increase in the mortgage rate premium, just know that it will make a very slight difference in your monthly payment.

Interest rates will not skyrocket anytime soon. It's still a great time to buy and a great time to sell. Take advantage of these historic low rates if you're looking to downsize or get into that bigger, better home.

If you have any questions, give me a call or send me an email. I would be happy to help you!