Video
August 9, 2024
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August 9, 2024
There’s Still a Window of Opportunity for Homebuyers
Market Update
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We had a little hiccup this week! Mortgage rates dipped as low as 6.34% before settling at 6.54% by the end of the week.
The good news is that the overall trend remains downward. Slow and steady is actually very good for the real estate market. If rates declined significantly, the mad dash of buyer activity would jump, multiple offers would come back into play, and home values would almost certainly go up.
One side effect of dropping rates is an increase in refinance activity. While this isn't a problem yet, if we see a sudden drop in mortgage rates, be prepared! Pipelines could get clogged, leading to delays in appraisals, underwriting, and other aspects of the loan-closing process.
There's still a window of opportunity for homebuyers to enter the market before values start to rise. However, they should begin the process now.
Pre-approved buyers who have completed the application and underwriting process have the advantage of being able to act quickly when an opportunity arises. If they wait, they might find themselves at the back of the line, scrambling to get loan approval due to operational bottlenecks.
Right now, buyers have more houses to choose from, aren’t subject to multiple offers, can pay less for the home, AND secure a low interest rate.
Featuring:
The information contained is the viewpoint of the presenter(s). Individuals should consult their own financial representative.
Estimated Mortgage Payment is for exemplary purposes only. Contact a licensed loan officer for exact numbers and APR. Additional rates and terms may apply and are subject to change without notice. Loan scenario assumes a purchase price of Zillow's list price and a 10% down payment. Points and fees not included. Property tax, homeowners insurance, mortgage insurance, and HOA fees are approximate and may vary. Other fees may apply. Product displayed is a conventional 30-year fixed rate mortgage using the current average rate as shown on Mortgage News Daily (mortgagenewsdaily.com).
Estimated Qualifying Income assumes a homebuyer has a FICO score above 740, no other credit debt, and a debt-to-income (DTI) ratio of 43%.
For exact numbers and APR or to run a loan scenario based on your own credit and income, contact our office at (858) 259-8700.
Rate Source: Mortgage News Daily. Rates displayed are approximate, subject to change, and do not necessarily reflect rates available to you. MND’s methods involve an objective component based on lenders' raw prices as well as a subjective impression from their network of originators. For more information about how these rates are calculated, visit www.mortgagenewsdaily.com/mortgage-rates/about.
Mortgage News Daily (MND) is a trademark of Brown House Media, Inc. Zillow is a trademark of Zillow, Inc. CrossCountry Mortgage has not been authorized, sponsored, or otherwise approved by Brown House Media, Inc. or Zillow, Inc.
Equal Housing Opportunity. All loans subject to underwriting approval. Certain restrictions apply. Call (858) 259-8700 for details. All borrowers must meet minimum credit score, loan-to-value, debt-to-income, and other requirements to qualify for any mortgage program. CrossCountry Mortgage, LLC is an FHA Approved Lending Institution and is not acting on behalf of or at the direction of HUD/FHA or the federal government. CrossCountry Mortgage, LLC is not affiliated with or acting on behalf of or at the direction of the Veteran Affairs Office or any government agency. Certificate of Eligibility required for VA loans. By refinancing, the existing loan total finance charges may be higher over the life of the loan.
