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Drop in Mortgage Rates

Posted on May 27, 2014

iStock_000018780863SmallIn efforts to stay current with market trends you have probably seen that mortgage rates for the 30 year fixed fell last week. For the first time since October these rates fell below 4%. What does this mean for real estate in Destin and the surrounding areas?

These lower rates could potentially give a boost to the spring home-buying season, which has been off to a slower start this year. According to Zillow, spring and fall is when we should see an increase in home inventory and warmer weather this year has yet to boost buyers into the market. However, these lower rates for jumbo mortgages could create a more friendly situation for future and first-time homebuyers.

The thing to remember is that low rates not only mean lower payments, but could also mean more bang for your buck. A lower rate will often afford you a larger home for the same monthly payment essentially allotting you more house for your money.

The better you understand rates and trends the more informed you will be when it comes to purchasing your new home.  For more information on current market trends, contact a RE/MAX Southern real estate agent today.

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