Interest rates have dropped from 8.03% in October to 6.62% today. In just under 2 months home buyers are going to save a significant amount on money on their mortgage every month. While this is good news for affordability, every time rates drop by a percent, 3-5 million new buyers can afford to purchase a home so in many areas of the county expect some stiff competition for homes once we get to the spring market. If you are able to look for a place over the holiday season before most buyers come back to the market, you may be able to snag a deal while competition is still low. Want to game plan on the best way to take advantage of the current market? DM me today. *numbers reflect principle and interest payments only and assuming a 10% downpayment
