Here’s a look at the latest developments in the mortgage market this week.
Why this homebuying season could be the hottest yet
March marks the start of homebuying season, a traditionally high-volume period on the housing market. Many families typically shop for homes around this time in order to be settled in by the next school year.
Since 2020, the temporary season has stretched into year-round crowds of shoppers. But this spring brings new changes (and challenges) to buyers.
Inventory is tight
There is less than 1 active listing for every pending listing on the market. That means more homes are being bought than listed.
Buyers are feeling the pressure
Building has slowed down
New homes under $500k are now the hardest to find, as builders focus on higher-priced homes due to rising supply costs and labor shortages.
With so much competition, the market is moving faster than ever. If you’re on the hunt, prepare to move quickly to bid, lock, and close on a home you love.
Rates take a dip due to world events—but it may not last
Recent geopolitical tension is affecting the U.S. housing market, creating a dip in the steady rise of mortgage rates.
The average 30-year fixed loan rate dropped to 3.76% from 3.89% last week. That’s still much higher than where it started this year, at 3.1%.
The Federal Reserve, America’s central bank, is meeting next week and their decision should affect the direction rates move in from here.
With consumer prices like groceries and gas at record highs, the Fed has more incentive to fight inflation by raising interest rates.
Whether you’re buying a home or refinancing, it’s a smart move to check your rates so you can lock before they rise.
How a cash offer and “angel” realtor helped Sandra find home
Sandra needed a new home for herself and her kids—and she only had six weeks to find it.
Her search led her to Renee, a Better Real Estate Agent, who introduced her to the Better Cash Offer program.
Once Sandra found the perfect home, Better Real Estate made a winning cash bid and bought it on her behalf.
She made her deadline with days to spare, moving in with her kids before the mortgage was even finalized. “Once we were moved in, I could finally breathe again,” she says.
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This newsletter does not constitute an endorsement or recommendation of Better Mortgage Corporation; Better Real Estate, LLC; Better Cover, LLC; Better Settlement Services, LLC; or their services. Better Cover is solely responsible for homeowners insurance services. Better Mortgage is solely responsible for making all credit and lending decisions with respect to mortgage loans.