A Drop in Rates Opens the Door for Prospective Home Buyers
The fear-inducing headlines surrounding the housing market are everywhere today. It seems we cannot scroll through social media platforms without coming across some sort of clickbait article spreading doom and gloom of what’s supposedly just around the corner. The unfortunate part of all this, is when information is consistently unclear it can generate a lot of unneeded fear and uncertainty within the market. We’re here to let you know it just doesn’t need to be that way. Cambria Mortgage has your best interest in mind, so we’ll get right to it and start this article with the facts…
Any drop in mortgage rates gives purchasing power a boost. When rates drop, the expected monthly mortgage payment drops too. Did you see any headlines about what happened this week? If you missed the rare bright spot in a mess of negative articles, no worries… We have the scoop.
As inflation continues to slow, mortgage rates are dropping. In fact, mortgage interest rates are at their lowest level today since September of 2022. This newfound drop in rates has sparked an uptick in demand for the mortgage industry. It’s expected that as we move toward the beginning of the spring buying season, lower rates will help us to continue to see a boost for home buyer and home builder demand. However, don’t hold out on buying a home waiting for rates to drop back down to record lows like we saw in 2021. Waiting on what likely will not come is a big mistake.
If you’re thinking of buying a home in 2023, our biggest piece of advice to you as a prospective buyer is this: Lean on your local professionals. Buying a home is a big decision that you should feel confident making. A Mortgage Consultant and Real Estate Agent are two MVPs you want to have on your side as you navigate the process of buying a home. Start your journey by connecting with us today: 952-942-0110 / CambriaMortgage.com/Connect.