05/04/2024
Still searching but scared of the high interest rate sentiment? Well, now is the time to find a great negotiating realtor in your area and ask seller for “seller concessions” (fancy term of seller credit). Seller concession can be anything from helping with closing costs, asking for repair cost, repairs before closing, etc.. Finding a knowledgeable realtor in your local area who knows market trend will help you gain the most during these times especially when you have been approved but unsure about rates.
The best time to buy has always been 5-10 years ago. That rule still applies.. :)
Mortgage rates soared above 7% this week, reaching their highest level in nearly five months, according to Freddie Mac. The average rate on a 30-year mortgage jumped to 7.1% from 6.88% last week and 6.39% a year ago.
These rate increases are driven by various factors, including reactions in the bond market to the Federal Reserve's interest rate policies and fluctuations in the 10-year Treasury yield, which lenders use as a guide to pricing home loans.
Recent stronger-than-expected employment and inflation reports have raised questions about when the Fed might begin to lower its benchmark interest rate, leading to increased bond yields.
The yield on the 10-year Treasury reached around 4.66% on Tuesday, its highest since November, following statements from Federal Reserve officials indicating a potential delay in interest rate adjustments until they are confident inflation is moving toward their target of 2%.
The substantial rate difference compared to previous years has contributed to fewer homes being listed for sale, as many homeowners who secured mortgages at rates below 3% or 4% are hesitant to sell.
More: https://rltor.cm/3iqv6c
