People buying Chandler Homes over the last month probably noticed that mortgage rates where on a month long rise. After this month long rise in mortgage rates on Chandler Homes, rates are once again falling. This is somewhat surprising, but comes with reason. According to Troy Reeves, founder of the Troy Reeves Team, not many people saw the rate drop coming, but many factors led to this happening.
Rates Drop on Chandler Homes
If you plan on buying Chandler Homes this month, you will be pleased to know that the average rate on a thirty year fixed loan is on a slight decline. After nearing a high of 4% a little over a week ago, the average rate fell to 3.93%. On a fifteen year fixed Chandler Homes mortgage, rates dropped from 3.1% (a year high) to 3.04%. This might not seem like a massive drop, but it makes a difference in savings when buying Chandler Homes. Freddie Mac announced these findings in their latest mortgage buyer survey. The drop comes from a dramatic rate increase of sales of Chandler Homes and all homes in this country over the last month. The recent rate hike was a result of the rumors that the Feds were going to reduce purchases of bonds. The previous historic low for 15-year fixed rate mortgages was 2.56% in May.
What This Mean for the Chandler Homes Market
Dropping rates in this occurrence is actually positive news for Chandler Homes buyers and sellers. This rate drop is a good sign that the housing market and economy in early is continuing to improve and strengthen. Earlier in the week, the National Association of Realtors made an announcement that sales of homes previously built jumped an impressive 4.2%! This increase was much larger than many experts anticipated, a sign that things in the housing market might actually be going a lot better than the majority of the population and experts perceive. Experts in the industry are relatively split on which direction these rates will head next, most call for either lowering or rising, with very few expecting a leveling off anytime soon.
“by Troy Reeves” at Google
No responses yet