Seven Weeks of Falling Mortgage Rates Signal Opportunity

The real estate market is experiencing a welcome shift as mortgage rates continue to decline for the seventh consecutive week. For buyers and sellers, this trend presents an amazing opportunity to take advantage of more favorable borrowing conditions during snowbird season.

A Seven-Week Decline Boosts Buyer Confidence

As of last week, the average rate on a 30-year fixed mortgage has fallen to 6.63%, down from 7.04% in mid-January. This marks the lowest level since mid-December, providing increased affordability for homebuyers. This drop in rates is bringing more buyers into the market and off the sidelines. 

15 Year Fixed Mortgage Declines to under 5.8%

The 15-year fixed mortgage rate has dropped to 5.79%, down from 5.94% last week. Compared to a year ago, when rates hovered around 6.22%, the current landscape presents an appealing chance for homeowners to lower their interest rates and reduce monthly payments.

A Positive Shift for Sellers

For sellers, this decline in mortgage rates and a leveling off of insurance rates, will likely mean an increase in demand. As affordability improves, more are likely to  enter the market, increasing competition for available homes, which should result in quicker sales and better offers.

What This Means for the Market

This seven-week trend signals optimism in the housing market. While rates are still higher than the historic lows seen in recent years, the steady decline is a positive sign for buyers looking for affordability and sellers aiming to attract motivated buyers. Whether you’re looking to buy, sell, or refinance, now is the time to act before rates shift again, while there should be lower prices this summer, nothing is guaranteed and there are a lot of great options and prices currently available. 

If you have any questions about how this market shift could impact your real estate goals, feel free to reach out—I’d be happy to help navigate this evolving landscape with you!