Mortgage rates around 7% - is it a good time to buy a house?
With mortgage rates remaining around 7% and the Federal Reserve refusing to lower interest rates, is 2024 a good time to buy a home? There are many factors to consider. It’s not all about mortgage rates. The availability of housing, finding the best mortgage lender, and getting a fair price for a home are all important factors. But you’re not buying the market. You’re buying a home in the city, neighborhood, and community where you want to live. Hopefully, for a long time.
yesterday
Understanding the real estate market of 2024
Mortgage rates
Mortgage rates have fallen below their 52-year historical average. Since April 1971, the average rate for a 30-year mortgage has been 7.73%, based on data collected by Freddie Mac.
- The highest rate in history was 18.63% in October 1981.
- A Zillow study found that many homeowners with lower mortgage rates are considering selling only if rates drop to between 4% and 5%.
The housing inventory is improving.
With the start of the spring home buying season in 2024, the number of new listings for sale is increasing. The total active inventory has risen by nearly 24% year-over-year.
Housing prices are stabilizing.
The rise in housing prices is stabilizing after a period of moderate growth.
The number of new houses is increasing.
The construction of new homes is showing signs of growth, but builders are facing threats from supply shortages and rising prices for land and labor.
When is the best time to buy a house?
Buying a house is not just about considering macroeconomic factors. It's an important decision in life, based on your personal and financial situation.
Your income
The main consideration: your job. It's important to take into account the stability of income and potential changes in location.
Your credit rating
One of the most important factors for obtaining a mortgage loan is your credit score. It's important to know it before applying.
Your current debt load
The overall debt-to-income ratio plays a key role in financial solvency.
Your savings
Having a cash reserve is important for buying a house, including the down payment.
Next step
Compare mortgage rates, consider your income, credit score, debts, and savings to make an informed decision when buying a home.
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