Interest Rates Begin to Decrease Heading Into 2024
2023 Interest Rates Double Over Previous Years
Interest rates for 2023 were the highest the United States has seen since the 1990’s. We entered 2023 with interest rates above 6% only to see rates soar to above 7% in late October – more than double their historic lows seen in 2020 and 2021.
As mortgage interest rates climbed this past year, the Breckenridge home buying market adjusted to current market conditions with a historically low inventory. Demand to own in Breckenridge and the surrounding areas of Summit County, however, remained strong leading to an uptick in the number of cash deals.
Interest Rates Begin to Drop as 2023 Comes to an End
We’re finally seeing mortgage interest rates begin to decline as we head into the final month of 2023. Mortgage applications quickly responded to the recent decrease with a 5% increase for new home purchases according to CNBC. As rates continue to decrease into 2024, the Breckenridge and Summit County home buying market can expect to see the ever-present demand become stronger, especially for properties in zoning areas where short term rentals are permitted and are readily available.
Breckenridge Associates Remains Top Performer
Breckenridge Associates Real Estate continues to be the #1 Top Producing Office in Breckenridge, with the most experienced and knowledgeable Brokers in the area. Utilizing a local broker with the most comprehensive understanding of daily varying market conditions is one of the smartest decisions you can make when selling your home in a resort market.
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