Should you buy a home now or try and time the market and buy later if mortgage rates come down further? This is always a difficult decision especially when life is drawing you to buy a home. (Image: Freddie Mac Mortgage Rate Weekly Survey)
There may be a window of opportunity to own a home in the Phoenix Arizona metro now with home prices having declined somewhat while mortgage rates are inching down for the 5th consecutive week to 7.22% (good credit). Remember, you can marry the home of your dreams but only have to date the mortgage rate. One can date the rate by refinancing later when rates decrease. Over the past 100+ years home prices have gone up and down through the decades but the overall trend is up....WAY UP! As your parents likely did, YOUR home will increase in value as you also build equity. Renting? There is no equity accumulation.
Mortgage Rates Drop for the Fifth Consecutive Week
November 30, 2023 Freddie Mac Weekly Survey...
"Market sentiment has significantly shifted over the last month (declined 5 consecutive weeks ending November 30, 2023), leading to a continued decline in mortgage rates. The current trajectory of rates (dropping to 7.22% with good credit) is an encouraging development for potential homebuyers, with purchase application activity recently rising to the same level as mid-September when rates were similar to today’s levels. The modest uptick in demand over the last month signals that there will likely be more competition in a market that remains starved for inventory."
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