Decreasing rates and increasing affordability is great for today’s buyers.
If you have been waiting to buy a home, you will be happy to know that today’s mortgage rates have dropped below last year’s peak, which means it is now easier to afford a home loan.
However, if you are thinking about waiting for the rates to drop more, I would caution you against that. Greg McBride from Bank Rate says we’re not going back to 3% mortgage rates anytime soon. Other experts agree that rates will stabilize this year, likely below 6%, but there’s no way to know for sure.
If you’re ready to make your move, holding out for a 3% rate could mean missing out on the space you need or the home you love. Know that good things are happening for buyers in today’s market. For example, multiple offers are down and buyers don’t have to overbid like crazy anymore.
As a real estate agent, I’m here to help you navigate the housing market, so let’s connect and start exploring your options. If you’re thinking about buying or selling, you can reach me any time on my cell phone at (502) 376-5483. I look forward to hearing from you!