Interest rates dropped to high fives, giving buyers lower borrowing rates.

Were you also waiting for interest rates to drop? Rates are finally trickling down from about a 24-month high. This is good news for homebuyers waiting for more favorable borrowing conditions.

Exact rates change by the hour, but current quotes look great at high fives, even when you factor in the credit score, income, etc., for our customers using government-backed loans like FHA or VA loans. Unfortunately, conventional products are still in the low sixes, but these rates are better than earlier this year.

“The best thing to do is to act quickly and consider purchasing a home now to avoid bidding wars.”

One concern we have for potential buyers if the rates continue to slide down to the low fives is the sudden increase in people wanting to enter the market. In this case, we’ll see multiple offer situations where you need to bid over prices. The best thing to do is to act quickly and consider purchasing now that inventory has increased slightly and with less competition.

There are no guarantees about what will happen in the market, but we are still in a seller’s market. This is an opportunity to speak with your friends or family who are considering purchasing and understand what is likely to happen when rates continue to drop. We suggest getting exact rates quotes to know what you would qualify for.

For those who purchased in the past couple of years and want to consider refinancing, we’re here to help. We’d love to answer any questions you may have and even connect you with some of our trusted lenders. Feel free to call us at (407) 499-8993.