From the last week of February to the first week of March, the Freddie Mac interest rate dropped by 0.13% to 6.63%. With seven weeks trending, 30-year fixed mortgage rates have DECLINED.
What Does This Mean For Home Buyers?
It means more options to choose from and potentially finding a better deal on a dream home.
With increased inventory, you have a greater chance of finding a property that meets your needs and preferences. Additionally, improved rates mean that as a buyer, you may be able to secure a lower interest rate on your mortgage, ultimately saving money in the long run.
Overall, these favorable conditions create a great opportunity for home buyers to make a smart investment in the real estate market.
Do you know about Mortgage Points?
Mortgage points are upfront fees you can pay your mortgage lender in exchange for a lower interest rate. On average, one point costs 1 percent of the amount you borrow and reduces your interest rate by 0.25 percent. That means for $6,000 on a $300,000 home you can lower your interest rate by 0.5%. My recommendation would be to shop around for mortgage offers to find the best rates with and without points.
If you are on the fence about buying a new home, let's talk because this could be one of the most exciting decisions you'll ever make! From building equity to taking advantage of tax benefits, buying a home can also be a smart financial investment in your future.
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Don't wait any longer—let's explore the possibilities together and find the perfect home for you!
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