The average interest rate on new home loans stood at around 1.79% , the highest since 2016. However, due to rules limiting how quickly French banks rates may rise, French consumers have lower interest rates than their counterparts in other large European economies. For example, real estate in Germany reached a rate of 3.03% in September . (BNN Bloomberg) Switzerland: Mortgage interest rates in Switzerland have almost tripled since the beginning of the year. Currently, the rate for a 12-year fixed mortgage is 2.63%. The Swiss National Bank (SNB) is likely to raise key rates again iny 0.5 and by 0.25 percentage points, although Bulgaria Phone Number List key rates are expected to remain stable in mid ( UBS ) North America: U.S. new home sales fell this fall, resuming a downward trend as mortgage rates, as high as they have been for decades, are driving buyers out of the market . Mortgage rates rose to 7.16% last month, the highest since 2001. (BNN Bloomberg) Homebuyers can expect mortgage rates to be lower now than in the coming months. Even if your clients buy now, there is at least a chance for relief in the future, as they will have the opportunity to refinance their mortgage and hope to get a better interest rate. Agent Challenge: Not having enough listings The current lull in the market is creating this challenge for agents.
There are some important steps you can take as home buyers and sellers contemplate the current situation and decide when to take the plunge . We gave some similar advice to agents earlier this year, which still holds true here . Check it out . Solution for the agent: Expand your network of contacts and stay up to date with market trends. Keep collecting more leads to eventually convert them into customers. Have you looked at the marketing resources in your global agent dashboard ? They can be helpful as you expand into creating international connections. Let's take a look at the international real estate market and talk about affordability and prices. Affordability Rising mortgage interest rates are causing affordability issues for homebuyers. Agents are seeing fewer sales as buyers in most markets adjust to rising mortgage rates and rising home prices. Many potential buyers who need a mortgage can't, or won't, find a home in their price range this quarter. The biggest changes in affordability come from rising mortgage interest rates, which translates into higher payments and fewer buyers qualifying for a loan.