No one can accurately predict where interest rates will be six months from now, or even one week from now. What we do know is that we're seeing encouraging signs in today's market. This marks the third straight week that new listings have outpaced last year's levels, while homes are still selling at roughly the same pace as they were a year ago. More inventory without a slowdown in buyer activity creates more opportunities for well-prepared buyers.
Instead of chasing the lowest interest rate, we need to educate buyers to focus on finding the right home and a monthly payment that fits comfortably within their budget. Temporary rate buydowns, seller concessions, and the option to refinance in the future can make today's purchase far more attainable than many buyers realize.
We're seeing that confidence return firsthand. Our local branch's mortgage application volume increased 51% in June alone! This is a strong indication that many buyers are deciding now is the right time to get back into the market. My take has always been to buy the home when it makes sense for your life. Refinance the loan when it makes sense for your finances.
To help ease the pressure and create peace of mind, I have created my two step process. First, I personally buy you a 1% lower rate for year one at no cost to anyone! Second, if rates should drop into refinance potential, I will personally provide you a 2% lender credit to buy down your rate further! Peace if mind in two steps!
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