Not to panic my home buyers, but folks, now would be an ideal time to lock in your rates for this summer’s home purchase. Rates for conventional mortgages are beginning to climb slowly upwards for the first time in months, up to 4.46% from last month’s 3.5%, according to Boston.com’s article below:
This increase is the biggest leap in nearly 2 full years. Often a run up in mortgage rates is followed by an increase in home prices. In the Elgin Fox Valley area this spring, I’ve seen a shortage in inventory, a sudden blitzkrieg in cash investors in bidding wars for the under $75K properties and a new meet-your-price attitude on homes that are available, usually at very short market listing times. This all points to a change in the market place, and home prices will soon reflect this.
Sellers, get your houses ready, the market is just about to turn in your favor! Buyers, grab your lenders’ pre approval and ramp up your GPS, we’re going to hit the property hunting. Don’t forget to get your pre-approval and bring it with you to our first meeting!