Interest rates have been slowly declining for the past 6 weeks! According to FRED, Federal Reserve Bank of St. Louis, the national average 30-year fixed loan interest rate has dropped 0.81% since November 10, 2022.
Here's how that may look for you. If you purchased a home for $500,000 with 5% down in November when rates were at 7.08%, your monthly mortgage would be about $3,800. If you purchased the same home for the same price in late December when rates were averaging 6.27%, your monthly mortgage would be around $3,350. That's a $450 savings in your monthly mortgage. With interest rates so high, houses have been sitting on the market longer than we've been used to lately. Sellers are offering concessions to buyers and we are seeing a much better opportunity for buyers to have some leverage in negotiations. Now could be a great time to lock in your interest rate and use your buying power to secure a great deal. If you're wondering where to start, we are here to help! Give us a call, 503-390-1375, or send us a message.