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Mortgage rates are holding just above 6% for conventional borrowers, with FHA and VA rates in the mid 5% range. More importantly, rates have remained below 6.5% for several months. That kind of stability helps restore confidence.
When rates jump around, many people hesitate. When rates settle in, homebuyers begin to move. We are starting to see that happen.
Affordability has improved compared to last year. Even a modest drop in rates lowers monthly payments and increases homebuying power in a meaningful way. If you were comfortable with payments last year but decided to wait, today’s rate environment may allow you to afford more than you realized.
That changes the equation.
Industry economists have noted that even a 1% drop in mortgage rates can bring significant demand back into the market. Not everyone will move at once, but as more homebuyers step in, competition increases.
Seller concessions are still available in many markets, which means you may be able to negotiate incentives that become harder to secure if activity continues to pick up.
The bigger risk right now may not be rates rising. It may be waiting while more homebuyers re-enter the market.
If you have been on the sidelines, this may be the right time to revisit your options. Your homebuying power may be stronger than you think.
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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.
