The truth of the matter is mortgage rates keep dropping!
The news around the water cooler lately has been all about rising interest rates, but despite the Fed continuing to raise their fed funds rate a full percent in the past year, (impacting short-term and variable rates but not mortgage rates) mortgage rates are continuing to drop.
Freddie Mac’s weekly average on 30 year fixed mortgages just came out and they are the lowest they’ve been over the entire year. Rates have dropped over 1/2 a percent since November! It’s great timing for those wanting to take advantage of the busy spring buying season.
Inventory is almost non-existent!
Inventory in some parts of the Austin area is the lowest I’ve seen in years. We hosted an open house in NW Austin last Saturday and over 30 interested buyers visited in 3 hours!
Sadly I’ve seen many buyers missing out on houses they want because their lender paperwork wasn’t ready or they’re too slow finding new listings. If you’re thinking of buying in the next six months, give us a call and we’ll make sure you’re prepared to win in those competitive offer situations!