The FED cut their rate by 50 basis points this week (September 20, 2024). This is double what most had anticipated. Many believe this could deliver that ‘soft landing’, the original mission…. we’ve now entered the era of normalizing rates.
Did you purchase a home between July 2022 and November of 2023 with a 2-1 buydown that has since run most of its course? Now could be the right time to re-engage with your lender to have some dialogue about refinancing into today’s lower rate. If you don’t have a lender you love, call us. We work with the best in town.
The 30-year fixed-rate mortgage averaged 6.2% last week, down from almost 8% in the fall of 2023. This may be the biggest opportunity for some to lower their monthly cost of housing via re-financing if they “dated the rate, married the house”….. a catchphrase that has been overused and abused by real estate agents and lenders over the last two years.
Just because rates have fallen, doesn’t mean negotiating is off the table. This week we got two buyers under contract. One under list price and the other at list with a 2-1 buydown built into the offer. Inventory is at a 10-year high and sellers are willing to be flexible to get a deal done.
We may have an unusually busy Q4 this year considering more buyers and sellers are likely to come off the sidelines and enter the market.
If you’ve been considering a real estate change and would find a discovery call helpful, you can schedule one here.
P.S. Did you know at Compass we have dozens of off market properties that are only available to clients working with Compass agents? We can’t share that list publicly, but we can say there are some deals ripe for the making. Reach out for more info.
