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 Tumble as Fall Buyers Swoop In
Dated: September 8 2024
Views: 594
Football season is back and so are lower mortgage rates!
According to Mortgage News Daily, the average 30-year fixed rate for conventional home loans fell to 6.4% on September 6, the lowest percentage since April 2023.
As the month progressed, the rate continued to drop to a low of 6.17%.
The good news continued in September when the Federal Reserve reduced its Funds Rate for the first time since March 2020. The half-point cut was twice as big as expected and should lead to better rates on credit cards, adjustable-rate mortgages, and home equity lines of credit.
Fund Rate cuts do not generally affect fixed mortgage rates because they are historically tied to the bond market and the 10-year Treasury Yield. If fixed rates fall when the Feds meet, they tend to do so during the weeks leading up to a Fed meeting. The next set of meetings are scheduled for November 6 and 7, so October is "prime time" for buyers to get offers accepted. If they succeed, they can lock into fixed rates that may tumble again at the end of the month.
If you are considering a fall home purchase, finding a lender should be at the top of your to-do list. If you qualify for financing, you'll receive a loan pre-approval letter, which is good for up to 90 days. The letter also allows your agent to submit home offers without hesitation.
For homebuying assistance, please call or text the Versage Group at 703-291-3047. We'll help you navigate the market and can refer you to our lending partners for financing advice and pre-qualification.
Image Credit: De Groot Construction Co.
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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