Homeowners In The Mood To Buy

Dated: 07/08/2020

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Image titleWith all of this information below, let's get you m-o-v-i-n-g!

According to the latest FreddieMac Quarterly Forecast, mortgage interest rates have fallen to historically low levels during spring and they’re projected to remain low for summer 2020.  This means there’s a huge incentive for buyers who are ready to purchase. Homeowners looking for eager buyers can take advantage of this opportune time to sell as well.

There’s a very positive outlook on interest rates going forward, as the projections from the FreddieMac report indicate continued lows into 2021:

“Going forward, we forecast the 30-year fixed-rate mortgage to remain low, falling to a yearly average of 3.4% in 2020 and 3.2% in 2021.”

 With mortgage rates hovering at such compelling places, ongoing buyer interest is bound to keep driving the housing market forward. , Homebuyers are in what FreddieMac is identifying as the buying mood with the interest rates so low:

“While the rebound in the economy is uneven, one segment that is exhibiting strength is the housing market. Purchase demand activity is up over twenty percent from a year ago, the highest since January 2009. Mortgage rates have hit another record low due to declining inflationary pressures, putting many homebuyers in the buying mood. However, it will be difficult to sustain the momentum in demand as unsold inventory was at near record lows coming into the pandemic and it has only dropped since then.”

There’s no doubt that even though buyers are ready to purchase, it’s hard for many of them to find a home to buy today. Mortgage rates aren’t the only thing hovering near all-time lows; homes available for sale are too. With housing inventory as scarce as it is today – a nearly 20% year-over-year decline in available homes to purchase – keeping buyers in the purchasing mood may be tough if they can’t find a home to buy (See graph below):Image title

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Robin Cantrell

Real estate is a natural extension of my passion for family and community. In my spare time, I can be found spending time with my family, enjoying the outdoors on the local walking trails or doing....

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