Purchase outlooks are improving
Happy to report some good news for consumers — last month we started to see signs of inflation easing, and this week mortgage interest rates are down for the second week in a row. So what does this mean for that house you have your eyes on? Let’s talk about it.
-Robert Heck, VP of Mortgage @ Morty
Paid Partner
Let’s break down some of the trends we’ve been seeing:
Interest Rates are coming down. 30-year fixed rates are back below 7%! While rates may fluctuate as the Fed continues to combat inflation, many experts believe we have experienced a peak and should slowly start to see rates trend downward.
Affordability is improving despite tight inventory. Inventory, although still relatively tight, is up 10% from last year’s low. The good news here is that a growing number of home sellers are beginning to drop their home prices. This is a positive indication of the market easing ahead of rates coming down later in the year.
Time to negotiate. For those who have decided to sell, they want to sell fast! As a result, there is an increased expectation that buyers will negotiate price, repairs, and closing costs. So while this may not be the time to get the lowest mortgage rate, it may be the time to get your home under the asking price.
If you’re thinking about buying a home now and refinancing later, one of Morty’s loan officers would be more than happy to help and discuss options with you.
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Connect with a Morty loan officer to talk through your buying power today.
