BIG NEWS!

by Matt Thomas

BIG NEWS!

Rates fell this week to below 6% for the first time in a long time! This is the lowest rates have been since September of 2022! On some level, it's hard to believe but the timing could prove to be a real boon to the housing market locally and nationally.

What happens next, no one knows exactly, but demand has been pent up ahead of optimal rates for years and for those finding the courage to jump off the fence now, there could be some phenomenal opporunities to be found even before the spring season approaches.

Of course the best opportunities are likely going to be most quickly realized by those already poised to make a move. With the new year behind us, spring around the corner, rates at their lowest in over 3 years and the prospect of getting rates even lower (with the help of seller concessions) we could see a palpable surge in demand.

What will that do to available inventory and prices? Too early to say, but unless this lower rate is only the start of a trend no one can foresee, this drop in rate may be fleeting. It remains to be seen.

Mortgage Minute

Couple this information with what I alluded to above: sellers buying down the "effective rate" for homebuyers into the low 5s or even upper 4%.

This week’s Mortgage Minute focuses on how we, with our preferred mortgage partners, are helping save our clients hundreds of dollars each month and tens of thousands over the span of their mortgages.

Do I have your attention yet? If you think rates in the 4s and 5s are unattainable, please listen to this week's installment of Mortgage Minute--our clients have been achieving this all year.

📉 Mortgage rates hit their lowest levels in 3 years

🎉 Client Wins: How to take a $24,000 price reduction, turn it into concessions in your favor, and go from a $144/mo savings to 3x that amount and save nearly $500/mo or more using a 30-year fixed morgage in the mid 5%. Maybe your scenario allows you an even bigger savings per month and over the life of your loan!

BOTTOM LINE

As always, our goal is to give you clear, practical info you can use to make the best real estate decisions and show you ways to overcome market challenges.

If you’re ready to talk through how these developments affect your situation, just call—I’m here to help.