A real estate agent coordinates the closing process by managing communication, deadlines, inspections, and paperwork across every party involved in the transaction. This coordination role is
Mortgage Rates Dipped As Memorial Day Approached
Dated: May 25 2024
Views: 656
Mortgage rates fell as residents of the DC metro area prepared for the long Memorial Day weekend.
According to Freddie Mac, "the average 30-year fixed mortgage rate dipped below 7% for the first time since early April, reaching 6.94%." Other sources that track daily rate movements said they moved up and down between 7% and 7.2% during the week leading up to May 23.
Rates have been volatile this year as inflation pressures postponed rate cuts by the Federal Reserve, but the outlook could brighten if economic conditions improve.
Analysts and investors expect the Fed to keep its Federal Funds Rate steady when it holds its next policy meetings on June 11 and 12. But, they also claim there's a better than 50% chance of a rate cut at the next meeting on September 18.
Buyers have waited patiently for rates to tumble below 7%, but they would be wise to take advantage of the market before mid-August when real estate rule changes take effect.
In June, July, and early August, sellers can continue to follow the cooperative compensation rule, which was established in the 1990s by the National Association of Realtors and multiple listing services across the country. The rule states that sellers can make offers of compensation to the agents that bring them buyers by publishing them on the multiple listing service (MLS). But on August 17, compensation offers will no longer be permitted on the MLS. Instead, buyers will be responsible for covering the cost of their agent's services, unless a seller's compensation or concession is posted elsewhere.
Sellers may offer concessions (closing cost credits) to help buyers cover the service fees or portions of them. Bright MLS, which serves the DC Metro Area, has announced that a concession field will be added to its system before the compensation one disappears. Starting June 11, agents will be able to include seller concession amounts when they enter a listing in Bright MLS.
Courtesies: iStock (Photos); Freddie Mac (Rates); Investopedia (Fed Info)
Joe Versage
Joe is an accomplished REALTOR® who applies a wealth of skills to secure winning deals for his clients. Recognized five times for sales volume by the Northern Virginia Association of Realtors, he ....
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