After the latest reports on the economy, inflation, the unemployment rate, and the Federal Reserve’s recent comments, mortgage rates started dropping. And according to Freddie Mac, they’re now at a level we haven’t seen since February – see graph below:
The Relationship Between Rates and Demand
In the housing market, there’s generally a relationship between mortgage rates and buyer demand. As rates go down, buyer demand typically increases. Buyers who were on the fence over higher rates may resume their searches.
A recent article from Bankrate says:
“If you’re ready to buy, now might be the time to strike. Home prices have been rising primarily because of a longstanding shortage of homes for sale. That’s unlikely to change, and if mortgage rates do fall below 6%, it’s possible buyers would enter the market in masse, further pushing up prices and resurrecting bidding wars.”
If you’re ready to start the process, I’d love to help! Feel Free to contact me anytime!
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Real Estate Matters in Charleston SC - Gena Glaze 