There’s good news for home buyers this fall: mortgage rates have dropped to an 11-month low.
For anyone purchasing with a loan, mortgage rates are a major part of your purchasing power. If you’re sticking to a strict monthly budget, lower rates mean you may be able to afford a higher-priced home if you choose to.
According to CBS News, “The average rate on a 30-year mortgage fell from 6.56% to 6.50%, marking its lowest level since October 2024.” And for home buyers shopping for a 15-year mortgage: “Rates dropped from 5.69% to 5.60%, the lowest point since the week of October 10.”
So, what should you do if you’re hoping to take advantage of these lower rates? Here are 3 tips for Home Buyers right now:
1. Act Now
If you’re not currently pre-approved but hope to buy before the end of 2025, let’s talk!
During a buyer consultation, we’ll walk you through the pre-approval process so you’re ready to submit an offer the moment you find a home you love.
2. Start Broad, Then Narrow
We’ve worked with clients exploring multiple cities within a 50-mile radius. Starting broad is great (especially if jobs, family, or friends are spread out) but it can get overwhelming fast.
Together, we’ll narrow your focus based on what truly matters: commute, schools, lifestyle, price, and your must-haves vs. nice-to-haves.
3. Be Smart About Your Credit
A good lender is key here. They’ll guide you on how to boost your credit score and avoid pitfalls. For example: Don’t pay off major loans like cars or student debt without checking with your lender. Avoid opening new credit cards or financing big purchases.
This fall is shaping up to be a great time for both buyers and sellers. Buyers benefit from lower rates and more inventory. Sellers benefit from motivated buyers who are ready to make strong offers.
If you’re thinking about making a move, let’s connect!
Call today!
Source: https://www.cbsnews.com/news/mortgage-rates-fall-11-month-low-heres-why-what-buyers-should-be-doing/
