Mortgage Interest Rates at Historic Lows
So, the talking heads have you convinced that it’s gloom and doom time for the economy and the real estate market, in particular.
Here’s something you may not know if you’re just paying attention to the cable news “experts” or your Uncle Harry who “knows a little something” about money.
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, says this is great news for home buyers.
“…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 like a local real estate professional 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.
Open House Mania
We hosted two Open House this weekend. Sounds crazy, right? Long holiday weekend; who is going to be out looking at houses?
A lot of people.
Our first Open House was Saturday at a well cared for single family ranch priced in the high $400s in Mashpee. Scheduled to run from 11:00am – 1:00pm, potential buyers were at the door before starting time. We didn’t leave until almost 2:00pm, because of the number of interested parties stopping by.
Same thing happened yesterday at a lovely 2 bedroom, 1.5 bath condo priced in the lower $200s in Plymouth. We again didn’t leave the property until almost 2:00pm, because of the interest.
Sure, there were some nosy neighbors, but in the vast majority of cases, these were serious buyers. We have at least 25 follow up calls to make when the office opens tomorrow.
If you’re on the fence about selling, inventory remains tight and the buyers are out there. With lower mortgage interest rates, they’re in a good position to purchase homes that are priced right based on the advice of local realtors. The fall market is also starting soon with people looking to be settled in their new homes by the holidays.
If you’re thinking about becoming a home owner, the current mortgage rates make doing so as attractive as it has been in recent years.
As always, we’d be happy to meet with you to review your options. Please contact us at 508-568-8191 or use the comment section. Thanks!
Enjoy the rest of the holiday and the week ahead,
Mari and Hank
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