This has been a record busting year for the mortgage market. A fresh report just released by government agency Freddie Mac states that for the 17th time in LESS than one year, rates have fallen yet again. This time, your typical fixed rate 30 yr. mortgage is averaging at just 2.65%, with adjustable rate 15 yr. mortgages also dropping, down to only 2.16%.
They also warn that it could very likely be the last broken record we see. . .
To quote the article:
“The forces behind the drop in rates have been shifting over the last few months, and rates are poised to rise modestly this year,” he says. “The combination of rising mortgage rates and increasing home prices will accelerate the decline in affordability and further squeeze potential homebuyers during the spring home sales season.”Source: Washington Post (01/07/21) Orton, Kathy
Though the warning sounds ominous, even to this seasoned professional – fear not. Truly!
For my buyers out there, the best way to navigate a tightly competitive market is to work with an experienced Realtor who excels not only at tricky negotiations, but also understands the importance of working a purchase contract to set your offer apart from the rest, without over spending!
If you’re hoping to take advantage of the lower rates while the getting is good, Rose Tree is offering commitment free buyer consultations, both in person or virtually, whatever you prefer!
This is your chance to ask questions, gather information on pre approvals and current market trends in your preferred location, and generally get a feel for what working with Rose Tree Realty could do for you as a buyer in 2021. Just fill out the form below, and we can set a date!
I’ll hope to hear from you soon – but whether it’s myself or another professional out there, don’t be afraid. Everyone deserves to find their way to their very own home!