I received some encouraging news the other day. Interest rates are softening up. According to Realtor.com, rates eased down making prices go up. This seems to be a pattern that interest rates and home prices go inversely to each other. According to Adam Black of First commercial Bank mortgage ” The mortgage rate market has been good to us lately with FHA rates now being in the low 7 range for well qualified borrowers. If the trend continues, we could see rates with a 6 in front”. This is great news, as the average rates have been below 6.5% only twice since the 1970’s, Once in 2008 and once during the pandemic
Posted in Home buyer information