Mortgage
rates have fallen by over a full percentage point since Q4 of 2018, settling at
near-historic lows. This is big news for buyers looking to get more for their
money in the current housing market.
According
to Freddie Mac’s Primary Mortgage Market Survey,
“the 30-year fixed-rate mortgage
(FRM) rate averaged 3.60 percent, the lowest it has been since November 2016.”
Sam
Khater, Chief Economist at Freddie Mac, notes
how this is great news for homebuyers. He states,
“…consumer sentiment remains buoyed
by a strong labor market and low rates that will continue to drive home sales
into the fall.”
As a potential buyer, the best thing you can do is work with
a trusted advisor who can help you keep a close eye on how the market is
changing. Relying on current expert advice is more important than ever when it
comes to making a confident and informed decision for you and your family.
Bottom Line
Even a small increase (or decrease) in interest rates can
impact your monthly housing cost. If buying a home is on your short list of
goals to achieve, reach out to a local real estate professional to determine
your best move.
