Mortgage Market Check-In
At Mark Spain Real Estate, we value keeping our clients up to date and well informed on the current market trends. With the help of our trusted partners at Shelter Home Mortgage, we are able to provide an informative recap of the mortgage market. This information will help you digest the current market sentiment as well as current mortgage rates.
According to the latest Home Purchase Sentiment Index conducted by Fannie Mae, consumer sentiment towards the housing market is up! A large percentage of Americans believe it is a good time to buy and that we will see an increase in home prices over the next year. This increase in sentiment is close to the previous high set in August. Sellers, with high confidence and an anticipated increase in prices, now is a great time to list. Buyers, inventory will begin to increase as we come into the new year. Your options for your perfect dream home will continue to grow!
Steady Mortgage Rates
Current rates for a 30 year fixed rate mortgage are holding steady according to Freddie Mac’s Primary Mortgage market. Despite a slight increase from September’s low rate, they remain over one-percent lower from this time last year. National mortgage rates are still at low levels with the average confirming 30-year fixed-rate at 3.81%. Additionally, the Federal Reserve has made no changes to short term rates. There are no expected rate cuts until we see a significant bump in inflation. Buyers, this is a great time to make a move to purchase.
First Time Homebuyers
It’s a great time to buy for first-time homeowners! With mortgage rates at a low and a projected steady real estate market through 2021, there is ample opportunity to build tremendous equity. According to the TransUnion Senior Vice President, “We are optimistic that first time homebuyers will contribute more to home ownership than at anytime since the start of the Great Recession.”
As we move into 2020, we are anticipating the continuation of a strong real estate market. Whether you are selling or buying, Mark Spain Real Estate is here to help! Wanting to purchase a home while rates are low? Consult with the Darrell Edquist Team for your lending needs!