Coming Soon
Follow us on YouTube to watch live!
Many homebuyers are waiting for the right moment to jump in. For most, that moment is tied to one number: a mortgage rate that feels manageable and justifiable. While everyone has a different comfort zone, there is a common tipping point in the market that sparks action.
When interest rates recently dropped below 6.75%, mortgage application volume jumped. At 6.5%, more buyers came off the sidelines. And last fall, when rates approached 6%, demand surged in a noticeable way. That kind of movement shows that it does not take a massive shift in rates to change buyer behavior. A small dip can create urgency, competition, and even regret for those who wait too long.
Right now, buyers have a unique advantage. Sellers are offering valuable concessions to get homes sold. These include interest rate buydowns, closing cost credits, and upgrade incentives. These offers are being made because the market is still relatively calm. Sellers are motivated, and they are using their home equity to help buyers overcome affordability challenges.
That will not last forever. Once rates move closer to that psychological benchmark, demand is likely to rise again. When that happens, competition increases, seller concessions shrink, and buyers lose some of the negotiating power they have today.
For those who are already pre-approved, or close to it, this may be one of the best opportunities to act. Taking advantage of today’s incentives can lead to meaningful savings both up front and over the life of the loan. And if rates drop further after the purchase, refinancing remains an option. Many lenders even offer programs that waive fees on future refinances to make that process easier and more cost-effective.
Waiting may feel like the safer choice, but it often comes with hidden costs. When the market picks up, buyers can face bidding wars, higher home prices, and fewer financial incentives. Acting now could mean getting into the right home, with the right terms, before the market shifts.
Smart homebuyers do not wait for perfection. They act when the conditions are working in their favor.
Featuring:
The information contained is the viewpoint of the presenter(s). Individuals should consult their own financial representative.
Estimated Mortgage Payment is for exemplary purposes only. Contact a licensed loan officer for exact numbers and APR. Additional rates and terms may apply and are subject to change without notice. Loan scenario assumes a purchase price of Zillow's list price and a 10% down payment. Points and fees not included. Property tax, homeowners insurance, mortgage insurance, and HOA fees are approximate and may vary. Other fees may apply. Product displayed is a conventional 30-year fixed rate mortgage using the current average rate as shown on Mortgage News Daily (mortgagenewsdaily.com).
Estimated Qualifying Income assumes a homebuyer has a FICO score above 740, no other credit debt, and a debt-to-income (DTI) ratio of 43%.
For exact numbers and APR or to run a loan scenario based on your own credit and income, contact our office at (858) 259-8700.
Rate Source: Mortgage News Daily. Rates displayed are approximate, subject to change, and do not necessarily reflect rates available to you. MND’s methods involve an objective component based on lenders' raw prices as well as a subjective impression from their network of originators. For more information about how these rates are calculated, visit www.mortgagenewsdaily.com/mortgage-rates/about.
Mortgage News Daily (MND) is a trademark of Brown House Media, Inc. Zillow is a trademark of Zillow, Inc. CrossCountry Mortgage has not been authorized, sponsored, or otherwise approved by Brown House Media, Inc. or Zillow, Inc.
Equal Housing Opportunity. All loans subject to underwriting approval. Certain restrictions apply. Call (858) 259-8700 for details. All borrowers must meet minimum credit score, loan-to-value, debt-to-income, and other requirements to qualify for any mortgage program. CrossCountry Mortgage, LLC is an FHA Approved Lending Institution and is not acting on behalf of or at the direction of HUD/FHA or the federal government. CrossCountry Mortgage, LLC is not affiliated with or acting on behalf of or at the direction of the Veteran Affairs Office or any government agency. Certificate of Eligibility required for VA loans. By refinancing, the existing loan total finance charges may be higher over the life of the loan.
