30-year Mortgage Rates Hit a LOW!

Yesterday, FNMA announced that the 30-year fixed rate hit its lowest level since May 2023, falling to an average of 6.6% as of January 18. Rates are expected to keep falling. Fannie Mae’s Economic and Strategic Research Group expects mortgage rates to decline in 2024, ending the year below 6%. 

Additionally, Redfin announced that housing market activity is up, with purchase applications up 8% from a month ago and new listings up 8% from a year ago. 

The sales prices in the first-time home buyer range have also increased as interest rates came down.

If you are considering buying or selling, now is the time! Homes spent four fewer days on the market for the week ending Jan. 13 compared to the same week a year ago. As rates continue to fall, the market will become increasingly competitive.

Pre-approval combined with a strong offer is the key to success.  There are new loan products coming on the market all the time. Contact us to find out just how much you can afford and take the step into homeownership today.

 

* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.