Planning to Move? You can still secure a low mortgage rate on your next home!

Dated: May 4 2021

Views: 50

Planning to Move? You Can Still Secure a Low Mortgage Rate on Your Next Home

Planning to Move? You Can Still Secure a Low Mortgage Rate on Your Next Home | MyKCM

This year, mortgage rates have started to slowly climb above recent record-breaking lows. Many homeowners planning to move may feel like they’ve missed the chance to score a great rate on their next mortgage. In reality, there’s still time to secure a rate far below the historic norm. Here’s why.

After creeping up for seven consecutive weeks, average mortgage rates have dropped more recently (See graph below). With rates taking a slight dip over the past two weeks at the same time the inventory of houses for sale is so low, homeowners today are sitting in the optimal seat to sell. What’s the advantage of selling your house now? Securing a low mortgage rate on your next home.Planning to Move? You Can Still Secure a Low Mortgage Rate on Your Next Home | MyKCMTo take advantage of today’s real estate market, experts are encouraging homeowners to act now before interest rates climb. Danielle Hale, Chief Economist at realtor.com, explains:

…mortgage rates slid for a second week ... but we don’t expect rates to stay at this level for too long.”

Hale continues to say:

“For sellers, getting in early optimizes odds of a quick sale at a good price before there’s too much competition, but that means acting now … In this environment, sellers probably really can’t go wrong, and that’s especially true in the nation’s hottest housing markets where homes are selling quickly and getting the greatest number of viewers online.”

Most experts agree that rates will continue to trend upward. Sam Khater, Chief Economist at Freddie Mac, states:

Despite the pause in mortgage rates recently, we expect them to increase modestly for the remainder of this year.”

In addition, Freddie Mac recently released their Quarterly Forecast, which notes:

We forecast that mortgage rates will continue to rise through the end of next year. We estimate the 30-year fixed mortgage rate will average 3.4% in the fourth quarter of 2021, rising to 3.8% in the fourth quarter of 2022.” (See graph below):

Planning to Move? You Can Still Secure a Low Mortgage Rate on Your Next Home | MyKCMWhile buyers everywhere want to secure the lowest rate possible, it’s important to remember that today’s rates are still much lower than the historic norm. Odeta Kushi, Deputy Chief Economist at First Americanemphasizes:

“While mortgage rates have trended up in recent months, they are still historically low, so relative to one year ago, housing actually is still more affordable and that’s really thanks to this low mortgage rate environment we find ourselves in.”

Bottom Line

If you’re thinking of moving, don’t miss the opportunity to score a great rate on your next home mortgage. Let’s connect today so you can get your house ready to sell and find your dream home while mortgage rates are still low.

Colorado Springs Real Estate Lorian DuCharme, Real Estate Agent, EXIT Realty Pikes Peak.

Specializing in Colorado Springs Real Estate. Helping Buyers and Sellers with their Real Estate needs and making their home dreams come true. Focused on Colorado Springs, Manitou Springs, Falcon, Fountain, Widefield, Monument, El Paso County and the Front Range.  719-930-8622

Latest Blog Posts

Do you know the HOTTEST zip code in the Nation? It's in Colorado Springs!

Have you seen the most recent list of hottest zip codes in the nation?Colorado Springs 80916 is listed as the HOTTEST zip code in right now according to realtor.com. 80916 is located on the

Read More

Sellers - Did you know, minor repairs can yield BIG results?

If you're thinking about selling, think about a few minor repairs that could yield big results. When buyers are looking they take notice of all of the little things they would need to do when

Read More

5 Acres with a Cabin in Florissant

Check out this cute cabin in Florissant on 4.77 acres.  Lots of trees.  An hour from Colorado Springs.  Very quiet and secluded. Bring your best offers! BlackHawk Creek

Read More

5 Bed 3 Bath New Listing In Pueblo

Check out this new listing in Pueblo featuring 5 bedrooms and 3 bathrooms:7 CarnoustieBeautiful Walking Stick rancher now for sale! This sprawling rancher boasts 5 bedrooms and 3 baths with plenty

Read More