updated September 2019
As Summer comes to an end, we see the falling mortgage rates give way to more of a buyer’s market. Although home prices are still higher than they were a year ago, current low mortgage rates are enough to compile buyer to pull the trigger. These rates are near the lowest over the last 3 years and several buyers are not wanting to miss out on those potential savings. The average rate on the 30-year fixed is a full percentage point lower today than it was a year ago.
At the same time, Buyers are also more cautious & also willing to take their time finding their next home. The growing expectations that a correction is around the corner, is one reason why some buyers are waiting to buy; citing the election year a critical piece in their decision making for their next home.