It’s the moment we’ve all been waiting for: the latest real estate market update. The good news is that the past few economic reports have been in our favor, resulting in rates dropping by almost 0.5% since the beginning of November. This impressive rate movement is the third largest in a week in the past two decades.
What does this look like for homebuyers?
The recent .5% decrease in mortgage interest rates is great news for homebuyers. It means that if you were to take out a mortgage today, you would be able to get a lower interest rate than just a few weeks ago. This can translate into thousands of dollars in savings over the life of your loan.
This real estate market update is definitely something to celebrate, but it’s also important to be cautious. The lower rates are great news for home buyers, but it’s crucial to note that they were impacted solely by positive economic data. If future data comes back negative, there is a possibility that rates could increase by 0.5% in any given week. While there is currently no indication of this happening, it’s important to be aware of the volatile nature of the market. Overall, this decrease in rates is a positive development for homebuyers, and it’s important to take advantage of it while it lasts.
Take advantage of this drop in interest rates and let’s find you a new home! Contact me today to discuss finding you your next home in New England.