Today a loan officer met with buyers in my office who just locked their rate in at under 6% for a primary home. Now most of my buyers have been quoted above 7% for weeks. So I asked the loan officer "how" and he said it was due to the bank failures. I did a little research and found a great article....
“When there’s any kind of economic uncertainty, mortgage rates tend to go lower,” says Ali Wolf, chief economist of the building consultancy Zonda. “Going into the collapse of Silicon Valley Bank, mortgage rates were getting pretty close to 7%. Mortgage rates were rising, and it was starting to look bad for home shoppers.
“If we see more bank failures and if we see more financial instability, mortgage rates will continue to be lower,” adds Wolf."
Here's a link to the full article
So if you have been sitting on the fence waiting for something to make it a better time to buy... it's RIGHT NOW.
If you are looking to buy, call Lane Realty and we'll dedicate ourselves to helping you find what you are looking for (no, we can't help help you find a house under valued, that ship has sailed), but we can help you find a priced right house and recommend a great loan officer. Give us a call today to help you get a good rate and a great house.
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