If you're looking to buy or sell, key signals from mortgage rates suggest now may be the best time to jump in. New data shows mortgage rates dropping to a 5-month low.
Just last week, the average rate for a 30-year fixed rate mortgage was 4.08%. This week, it has dropped by 11 basis points, down to 3.97%. According to Freddie Mac, this is the lowest its been since last November. In addition the 15-year rate decreased to 3.23% from 3.34%.
So what does this mean? Well, if you're looking to buy and have good credit, it's time to shop around and lock in a great rate. For those with sub-prime credit, fixed rates also highlight opportunities in adjustable rates, although much riskier. In any event, these low rates open doors to buyers who have been on the fence for the last several months.
For sellers, this is a major tailwind. As buyers looking to capitalize of low rates jump in the game, sellers have an opportunity to capitalize off the wave of new entrants. This is where positioning is key.
All in all, these low rates are a positive sign. So if you're looking to buy or sell, I'm here to help you talk strategy. Feel free to reach out.