The spring buying season is off to a strong start thanks to an unexpectedly large drop in mortgage rates.
Joel Kan, Mortgage Bankers associate vice president of economic and industry forecasting, says purchase applications jumped 6% and refinance applications surged over 12%. Kan also points out that rates have dropped across all loan types and the 30-year fixed-rate mortgage is now more than 70 basis points below November’s peak.
In other words, if you were on the fence about purchasing property because of higher interest rates, it might be time to move. Literally.
Now more than ever, it’s important to know what kind of property you can purchase, and where your money can buy the most house.
Realtors call it “purchasing power.” Realtor.com has a multitude of tools available to the public to help potential homeowners understand what type of property can be purchased within their budget.
When potential buyers consult with Realtors, they can rest assured that their Realtor will let them know of these important swings in interest rates and other integral purchasing information.
Buyers shouldn’t sleep on these decreased interest rates because acting now could potentially save property owners thousands of dollars over the life of their loan.
As Realtors, we keep our clients informed so they can get the most for their money. That’s “Who We R.”
All of these items are aligning to make our annual Greater Chattanooga Realtors’ Open House Weekend April 27-28 very exciting! Details for this annual event to showcase the local inventory of available homes will be coming soon.
Greater Chattanooga Realtors is “The Voice of Real Estate in Greater Chattanooga.” Information