What You Need to Know
Markets Continue to Diverge. Local Data Wins.
For Buyers:
Buyers are facing strong tailwinds right now: 52-week low mortgage rates, and inventory continues to rise. The only risk? Four consecutive weeks of increasing buyer applications could spark more competition.
For Sellers:
Climbing inventory is the biggest concern for sellers. Seasonal price declines could accelerate if more homeowners, waiting for lower rates, decide to list their properties.
For Investors:
Lower rates mean improved cash flow! A 1% drop in rates typically reduces mortgage payments by around 10%, boosting ROI and helping properties cash flow better.
Buyers! What You Need to Know About Lower Rates
The Fed lowered rates by 0.5% last week, which is great news for homebuyers. Mortgage rates have dropped 1.5% since their peak, making this a prime opportunity for buyers.
What does that mean for you?
Rates may be at their lowest point for 2024, so waiting could increase competition. Right now, we have 37% more homes for sale than this time last year, but that may not last as inventory typically drops in the winter.
Plus, competition is heating up—purchase applications have risen for four straight weeks, according to the MBA.
This is a rare moment for buyers to capitalize on favorable conditions.
Let me know if you’d like to connect and explore how you can take advantage of this for your home purchase.
Happy house hunting!
George Saroyan
As a dedicated mortgage professional, my purpose is to fulfill your dreams of homeownership. Our company doesn't simply offer some of the most competitive rates in the mortgage industry; we provide impeccable service from start to close. I'm committed to delivering each borrower a hassle-free mortgage experience by providing breakthrough technology, transparent communication, unparalleled turn-times and, most importantly, around the clock attention to your loan. The home buying process can seem challenging, but having the right people and resources by your side can make all the difference.
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