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August 2024
Mortgage rates are currently hovering at 5.89%-6.51% a decline from the recent high of 8.1% in October, 2023. Buyers already in the market can expect even more buyer competition as people who have been on the fence of entering the market, may now take the plunge. We are still in a seller’s market with a low inventory of homes available yet a larger buyer pool. With interest rates on the decline, homeowners who are locked in to the historically low rates of 2%-4% may now consider listing their home as they have been staying put longer than anticipated to avoid loosing their low interest rates. With this being said, we could start to see more homes hit the market within the upcoming year. Home prices have stayed consistent in the northeast and are predicted to stay strong and slightly increase. Why are they not predicted to come down? Because we are still dealing with a supply and demand issue of high demand and low inventory.
If you are considering a move, it may be wise to do so before rather than later when more buyers enter the market making it that much more competitive. At the end of the day, the best time to buy or sell is when it is right for you and your lifestyle. Chances are, mortgage rates will not return to the historic low level as we witnessed in recent years anytime soon. Home prices are only anticipated to go up, entering the market sooner rather than later could better position you ahead of increased buyer competition.
Have specific questions about the Rhode Island or Massachusetts real estate market?
sheena.alescio@mottandchace.com
401.474.0851
https://www.cnn.com/cnn-underscored/money/mortgage-interest-rates-today-08-13-2024
https://www.businessinsider.com/best-mortgage-refinance-rates-today-tuesday-13-2024-8
