The 30 year fixed rate mortgage has dropped again this week, averaging 6.3%. Rates have settled into their lowest levels in about a year and buyers are noticing.
How are lower rates affecting the market in South Florida? Simply put, demand is up with more buyers in the marketplace taking advantage of the lower rates. Inventory has trended down for the past few months and prices are stabilizing. We appear to be getting back to a normal equilibrium market. If you are planning on financing your purchase, then now might be the perfect time to get back into the market. Call your Realtor and loan officer. We are here to help.
What About Adjustable Rates?
Are you looking for sub 6% rates? Adjustable rate mortgages are now getting a lot more attention. Recent Fed moves and better spreads have affected ARM rates favorably. ARMs are not for everyone. Ask your lender if an ARM makes sense for you.
