Low Mortgage Rates and Falling Inflation: A Recipe for a Busy Housing Market!
Coach Anthony Marinaccio
Surpass Success. Demystify the Mortgage Mindset. Coaching Mortgage Originators to be in the Top 1%
"Low Mortgage Rates and Falling Inflation: A Recipe for a Busy Housing Market
As the economy continues to recover from the pandemic's impacts and inflation pushing down demand, mortgage rates have finally been on a downward trend this week! This creates an attractive environment for home buyers and sellers alike.
According to the Federal Reserve, the average 30-year fixed-rate mortgage has dropped to just 5.875%, the lowest rate in the last eight months. This means that home buyers can secure a mortgage at a significantly lower cost than they could just a few months ago. Pair that with slightly less expensive home prices equals a rebound.
In addition, inflation has also been on the decline. The Consumer Price Index, which measures the average price change paid by consumers for goods and services, is falling. This means that the cost of living is finally decreasing at a much-needed time.
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This combination of lower mortgage rates and falling inflation is expected to spark increased interest in the housing market. As more people look to buy homes, the housing demand could increase, possibly leading to higher home prices. Acting now is excellent news for buyers. If this sparks a small rebound, it could also be good news for sellers, who may be able to fetch a higher price for their homes or at least sell faster than the last eight months.
However, it's important to note that the housing market can be highly competitive, especially in popular areas. To increase your chances of success as a buyer or seller, it's essential to act quickly and be prepared. You can get your ducks in order by getting pre-approved for a mortgage, finding a reputable real estate agent, and researching the housing market in your area.
You can take advantage of the current market conditions and potentially come out ahead by acting now. Remember, knowledge is power, and by staying informed and acting quickly, you can win in the housing market. Happy house hunting!