Will Mortgage Rates Come Back Down?
Navigating the Austin real estate market? Get empowered with the latest insights and guidance. Whether buying or selling, connect with a?local agent today and make informed decisions tailored to your real estate goals.
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Mortgage Rates Cool Down
According to?Freddie Mac , the average rate for a 30-year fixed home loan as of October 24th is 6.54%, up slightly from last week’s 6.44%. Lower rates create a prime opportunity to lock in before any potential changes. With mortgage rates trending upward again, now is an ideal time to act.
Fall Mortgage Rate Update
The Federal Reserve's recent 50 basis point rate cut marks the first reduction since 2020, but it doesn’t necessarily signal a sharp decline in mortgage rates. Considering rates have been higher for most of the year, surpassing levels seen in 2023 and the past decade, these mid-6% rates offer substantial savings on monthly payments. Still, it may also increase competition among buyers if rates decline.
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Is It Time To Get Serious About Buying?
The current market presents a prime opportunity for buyers to act. Experts suggest that now is the?time to get serious about purchasing a home, as lower rates improve affordability and potentially increase home prices and tighten inventory in the near future. Taking advantage of the current rates could mean significant savings and a more favorable buying environment before potential rate hikes.
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Pro Tip: Explore the benefits of?2-1 Buydowns for buyers and sellers. Both parties can negotiate a rate “buydown,”? where the seller can lower your monthly payments without reducing the home’s sale price. This strategy may prove advantageous, especially when anticipating future rate decreases that could allow for refinancing to a lower rate.
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Seek guidance from a?local real estate expert ?to gain valuable insights into your?home search or?sale objectives. Discover unique advantages in the current market for special opportunities. Remember that mortgage rates can change swiftly, so stay informed by consulting with your mortgage professional.?Connect with us today to make well-informed decisions in your real estate journey. ?
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Date:Oct 24, 2024