The fall real estate market is making national headlines with our record low mortgage rates. At the end of August, the average 30-year mortgage rate was about 3.6% -- the lowest level since 2016 according to Freddie Mac data. This can have a huge impact on your finances whether you are buying a home, selling a home, or thinking of refinancing.
As REALTOR®s, this is great news! We are able to work with buyers during a time when interest rates are unexpectedly low, making future interest payments over a 30 year mortgage less daunting than ever.
For our sellers, this is great news too. Motivated buyers mean quick home sales for top value - especially when experienced agents are assisting in the process of preparing both the home owner and home purchaser.
Home sales, mortgage rates, refinancing & more!
Although home supply may be down in some areas of the country, these low rates combined with a strong economy are actually helping homebuyers across the board. As experienced real estate agents, we don’t get caught up in hysteria about market concerns or rumbles of a recession. But we do pay close attention to market trends.
Lawrence Yun, chief economist at the National Association of Realtors (NAR) says, “We expect the second half of the year will be notably better than the first half in terms of home sales, mainly because of lower mortgage rates*.”
The agents at Stone Ridge Properties have been through many market cycles and can effectively guide you through your decision making process. If you need assistance or have questions about the interest rates or the current market, we are more than happy to assist you -- this is what we are here for! We also have relationships with mortgage lenders who can help you with your pre-approval, or can assist you with understanding your options for refinancing.
*Sources Yahoo Finance