06 Feb York & Lancaster Housing Update: Rates + 6 Moves to Know
Purchase-Only Rate Snapshot (National averages)
These are national benchmarks — your actual rate depends on credit, down payment, property type, and lender.
- 30-yr fixed (purchase): 6.11% (weekly average) Read More
- 15-yr fixed (purchase): 5.50% (weekly average) Read More
Local takeaway: Rates have been relatively steady near the 6% range, which helps buyers plan with more confidence heading into spring — and helps sellers price/prepare with clearer expectations.
Mortgage rates are holding near 6% — stability matters
When rates bounce around, buyers hesitate and sellers get mixed signals. The recent pattern has been more stable, which helps everyone make clearer decisions — especially buyers shopping by monthly payment. If you’re planning to buy, the practical move is to focus on:
- payment comfort zone (not just list price)
- a strong pre-approval
- a simple “lock plan” you understand
Mortgage applications dipped — winter weather likely played a role
Mortgage application volume fell week-over-week, and the MBA noted winter weather as a likely factor. That’s a good reminder that weekly demand data can swing based on storms and seasonality — not just rates.
What it means locally:
If you’re buying, don’t assume “quiet weeks” mean the market is soft everywhere. In York & Lancaster, well-priced homes in great condition can still move quickly — especially if a burst of pent-up demand hits after weather clears.
Pennsylvania blocked major premium hikes — good news for ownership costs
The Pennsylvania Insurance Department reported blocking a large amount of proposed property & casualty insurance premium increases (including homeowners-related categories). That doesn’t mean every bill goes down — but it’s still meaningful for total cost of ownership and for households watching monthly budgets.
Smart homeowner move:
Do a quick annual policy check: confirm coverage limits, review deductibles, and make sure you’re not paying for endorsements you don’t need.
York gets a national “resilience” spotlight — why housing people should care
York was featured locally for ranking among top U.S. metros best able to withstand economic setbacks. A key point: “resilience” isn’t just a headline — it can translate into steadier household finances and steadier demand.
What it can mean for housing:
- Buyers: more confidence about job stability and long-term payments
- Homeowners: steadier footing for budgeting, repairs, and future moves
- Sellers: demand tends to hold up better in markets with strong household fundamentals
Inventory is up year-over-year — but the recovery is slowing
The big national theme: listings are still improving compared to last year, but the pace has slowed. Buyer activity has started to tick up, and price trends are mixed by region.
What that means for York & Lancaster:
- Buyers may see a few more options than last year, but “good homes” can still get strong attention.
- Sellers should price realistically from the start — the market is less forgiving of “aspirational pricing.”
After storms/flooding, contractor scams rise — protect yourself
If you need repairs after storms, scams tend to spike. Pennsylvania’s Attorney General shared practical steps that can save homeowners from expensive mistakes.
Quick homeowner checklist:
- get a written estimate (not just a handshake)
- be cautious with big upfront payments
- confirm the contractor is properly registered for larger jobs
- check with your insurance company before signing
If you’re thinking about buying, selling, or planning a move later this year, we’re happy to help you map out a local strategy and timing.
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