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Can You Still Secure a Low Mortgage Rate on Your Next Home?

Can You Still Secure a Low Mortgage Rate on Your Next Home?

C. Greg Skinner April 23, 2021 Tips for Buyers Leave a Comment

The slow climb of mortgage rates this year has many homeowners planning to move to feel they may have missed the opportunity to get a great rate for their next home. In reality, there’s still time to secure a rate far below the historic norm and here’s why.

After seven consecutive weeks of rates rising, the average mortgage rate has dropped more recently (See graph below). With rates taking a slight dip over the past two weeks at the same time the inventory of houses for sale is so low, homeowners today are sitting in the optimal seat to sell.

Planning to Move? You Can Still Secure a Low Mortgage Rate on Your Next Home | MyKCMT

To take advantage of today’s real estate market, experts are encouraging homeowners to act now before interest rates climb. Danielle Hale, Chief Economist at realtor.com, explains:

…mortgage rates slid for a second week … but we don’t expect rates to stay at this level for too long.”

Hale continues to say:

“For sellers, getting in early optimizes odds of a quick sale at a good price before there’s too much competition, but that means acting now … In this environment, sellers probably really can’t go wrong, and that’s especially true in the nation’s hottest housing markets where homes are selling quickly and getting the greatest number of viewers online.”

Most experts agree that rates will continue to trend upward. Sam Khater, Chief Economist at Freddie Mac, states:

Despite the pause in mortgage rates recently, we expect them to increase modestly for the remainder of this year.”

In addition, Freddie Mac recently released their Quarterly Forecast, which notes:

We forecast that mortgage rates will continue to rise through the end of next year. We estimate the 30-year fixed mortgage rate will average 3.4% in the fourth quarter of 2021, rising to 3.8% in the fourth quarter of 2022.” (See graph below):

While buyers everywhere want to secure the lowest rate possible, it’s important to remember that today’s rates are still much lower than the historic norm. Odeta Kushi, Deputy Chief Economist at First American, emphasizes:

“While mortgage rates have trended up in recent months, they are still historically low, so relative to one year ago, housing actually is still more affordable and that’s really thanks to this low mortgage rate environment we find ourselves in.”

Bottom Line

If you’re thinking of moving, don’t miss the opportunity to score a great rate on your next home mortgage. Let’s connect today so you can get your house ready to sell and find your dream home while mortgage rates are still low. VIP signature-1

At VIP Realty, we have helped thousands of people achieve their dream of homeownership. Greg Skinner is the undisputed leader in 43123 sales area. Greg takes pride in the relationships he builds while working relentlessly on his client's behalves selling commercial, industrial and high-quality residential properties.


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The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. VIP Realty does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. VIP Realty will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

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