Back to School Sale
(Courtesy of Scott Nadler of Cross Country Mortgage)
It’s that time of year. Retailers are rolling out their Back to School sales and the housing market is jumping on board.
The early August jobs report signaled a weakening economy and set off a chain reaction leading to the mortgage rates dropping to a 10-month low.
The economic data, combined with some shake-ups at the Fed, not only dropped interest rates in the immediate term but also improved the outlook for rate cuts by year-end.
Today’s interest rates reflect the market’s expectations for tomorrow, and homebuyers are benefiting from what the future holds.
The 30-year fixed conventional mortgage rates are currently between 6.5% and 6.6% for top-tier buyers.
A recent Redfin article shared how the drop in mortgage rates increases buying power and “gives house hunters a window of opportunity to buy before summer ends”, according to chief economist Daryl Fairweather.
For perspective, today’s buyer has more options—more homes for sale—than they’ve had in years. Not only do they have more to choose from, but sellers are more willing to negotiate price, concessions, etc.
Everyone loves a sale. It’s time to stop window shopping and make a deal.
The early August jobs report signaled a weakening economy and set off a chain reaction leading to the mortgage rates dropping to a 10-month low.
The economic data, combined with some shake-ups at the Fed, not only dropped interest rates in the immediate term but also improved the outlook for rate cuts by year-end.
Today’s interest rates reflect the market’s expectations for tomorrow, and homebuyers are benefiting from what the future holds.
The 30-year fixed conventional mortgage rates are currently between 6.5% and 6.6% for top-tier buyers.
A recent Redfin article shared how the drop in mortgage rates increases buying power and “gives house hunters a window of opportunity to buy before summer ends”, according to chief economist Daryl Fairweather.
For perspective, today’s buyer has more options—more homes for sale—than they’ve had in years. Not only do they have more to choose from, but sellers are more willing to negotiate price, concessions, etc.
Everyone loves a sale. It’s time to stop window shopping and make a deal.
