In a year that has seen the demand for real estate soar, resulting in higher prices, low mortgage rates have been the saving grace for buyers. This week, mortgage rates just dropped to their 14th record low for the year to 2.71%! While this is only a slight decrease from last week’s 2.72%, it still marks another low for the year. For perspective, the benchmark rate stood at 3.68% last year at this time.
Thinking about a 15-year mortgage? That rate also declined from 2.28% to 2.26%. Needless to say, a record number of home owners have opted to refinance their mortgage this year.
In closing, if you are a home owner and planning on staying in your property for a good amount of time, you may want to consider refinancing your mortgage. For buyers, the continual challenge is most certainly the tight inventory. It is strongly recommended that you become pre-qualified prior to your home search. Once you have done so, you will want to be sure that you and your real estate agent are on instant alerts to become aware of new listings that meet your search criteria. Should a desirable property come to market, you will need to act incredibly swiftly and be prepared to submit an offer as soon possible. Just remember, once you have a property under contract, you still have time to reconsider your decision during the inspection period.
Do you have questions about the home buying process in the current environment? We can help! Contact Live South Florida Realty, Inc. today!