When it comes to the housing market, seemingly small changes can make a big difference for potential home buyers. Recently, Freddie Mac reported a half a percent drop in the average rate for a 30 year fixed mortgage, down from 5.83% to 5.30%. This occured due to recent concerns over a coming recession, and should be exciting news for anyone who is currently searching for a home.
“According to Freddie Mac, the 30-year fixed mortgage rate dropped sharply by 40 basis points to 5.3 percent. . . . As a result, home buying is about 5 percent more affordable than a week ago. This translates to about $100 less every month on a mortgage payment.”Nadia Evangelou, Senior Economist and Director of Forecasting at the National Association of Realtors (NAR)
When you are considering a life-altering purchase like a home, those fractions of a percentage point add up to thousands of dollars on the price tag. This could mean hundreds in savings per month on your mortgage payment, depending on how it affects the market and how favorable of an interest rate you can get on your mortgage.
If you’ve been looking for a better opportunity to sell and move to a new home, this may be the window you need to get a better value over the life of your deal. Having a trusted realtor to walk you through the process is important to make sure things go smoothly for you and to ensure you get the best possible home for your money. I can keep you updated on changes in the market and make sure that you have the upper hand in negotiations.
Staying knowledgeable about the state of the market can help save you serious money in the future! Subscribe to my newsletter to get updates straight to your inbox.