After a sustained period of interest rate increases, I finally get to report that they experienced a slight decrease last week!
Having reached a high point of 7.22 percent on May 2nd, it was a relief to see them gradually decline towards the end of the week, edging closer to the 7 percent threshold. (from FreddyMac’s website)
Despite this positive development, mortgage rates have remained above 7 percent for the second consecutive month. While the recent dip is encouraging, it underscores the continued volatility in the lending market.
Often, Sellers contribute to Buyers’ loan fees to help bring the interest rate down. So, waiting may not be the best strategy for Buyers. As Buyers wait for rates to go down, our median sales price is still at its highest mark since last July.
As always, if you have any questions or want a little more clarification on how these developments may impact your real estate plans, please reach out to me. There are so many options, and helping you navigate them is what I love to do!