An Update on Interest Rates and Our Chicago Market

Today we want to give you a midsummer update about interest rates and our market.

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We have reached the end of July and you know what that means. It is time for a midsummer update.

As far as mortgages are concerned, we are in full swing for the summer buying season. Low inventory is affecting buyers and causing them to have a difficult time finding homes. In fact, a lot of pre-approved buyers haven't been able to find houses.

Currently, buyers are fighting interest rates. And, everyone seems to feel that interest rates are going to go up probably two more times this year. Since they have already gone up twice this year so far, that means that they are expecting it to increase four times total. We think this may happen in September and December.

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In the last few months, inventories have climbed, especially in the downtown area.  

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We are still dealing with low inventory. In fact, at one point the Chicago market was down by 8% compared to last year. In the last few months, however, inventories have climbed 2% to 3%, especially in the downtown area. This is due to some of the new builds that are starting to be delivered to the market. Overall, we need both sellers and buyers. If you have any mortgage questions or you're curious about buying or selling a home, please feel free to reach out to us. We look forward to your calls.