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If you’ve been holding off on buying a home because of high mortgage rates, you might want to take another look at the market. That’s because mortgage rates have been trending down lately – and that gives you a chance to jump back in.
Mortgage rates have been declining for seven straight weeks now, according to data from Freddie Mac. And the average weekly rate is now at the lowest level so far this year (see graph below):
While that may not sound like a significant shift, it is noteworthy. Because the meaningful drop from over 7% to the mid-6’s can change your mindset when it comes to buying a home. Especially when the forecasts said we wouldn’t hit this number until roughly Q3 of this year (see graph below):
According to Joel Kan, VP and Deputy Chief Economist at the Mortgage Bankers Association (MBA), recent economic uncertainty is playing a role in pushing rates lower:
"Mortgage rates declined last week on souring consumer sentiment regarding the economy and increasing uncertainty over the impact of new tariffs levied on imported goods into the U.S. Those factors resulted in the largest weekly decline in the 30-year fixed rate since November 2024."
And the timing of this recent decline is great because it gives you a little bit of relief going into the spring market. Just remember, mortgage rates can be a quickly moving target, so you should expect some volatility going forward. But the window you have as they’re coming down right now might be the sweet spot for your purchasing power now.
Even small changes in rates can make a difference to your monthly payment. Here’s how the math shakes out. The chart below shows what a monthly payment (principal and interest) would look like on a $400K home loan if you purchased a house when rates were 7.04% back in mid-January (this year’s mortgage rate high), versus what it could look like if you buy a home now (see below):
In just a matter of weeks, the anticipated payment on a $400K loan has come down by over $100 per month. That’s a significant savings. When you’re making a decision as big as buying a home, every bit counts.
Just remember, shifts in the economy drove rates down faster than expected. But that can change, making rates volatile in the days and months ahead. So, if you’re waiting for rates to fall further before you buy, think hard about the current window of opportunity if you’re ready to act.
Mortgage rates have dipped, giving buyers a bit more immediate breathing room. If you’ve been waiting for rates to ease before jumping in, this could be your window.
Would a lower monthly payment make buying a home feel more doable for you? Let’s break down the numbers and find out.
At one point or another, you’ve probably heard someone say, “Yesterday was the best time to buy a home, but the next best time is today.”
That’s because nationally, home values continue to rise. And with mortgage rates still stubbornly high and home prices going up, you may be holding out for prices to fall or trying to time the market for that perfect rate. But here’s the truth: waiting for the right moment could cost you in the long run.
The idea that prices will drop dramatically is wishful thinking in most markets. According to the Home Price Expectations Survey from Fannie Mae, industry analysts are saying prices are projected to keep rising through at least 2029.
While we’re no longer seeing the steep spikes of previous years, experts project a steady and sustainable increase of around 3-4% per year, nationally. And the good news is, this is a much more normal pace – a welcome sign for hopeful buyers (see graph below):
What This Means for YouWhile it’s tempting to wait it out for prices or mortgage rates to decline before you buy, here’s what you’ll need to consider if you do.
Let’s put real numbers into this equation. If you purchase a $400,000 home today, based on these price forecasts, it’s expected to go up in value by more than $83,000 over the next five years. That’s some serious money back in your pocket instead of being left on the sidelines (see graph below):
Why Aren’t Prices Dropping? It’s All About Supply and DemandEven though there are more homes for sale right now than there were at this time last year, or even last month, there still aren’t enough of them on the market for all the buyers who want to purchase them. And that puts continued upward pressure on prices. As Redfin puts it:
"Prices will rise at a pace similar to that of the second half of 2024 because we don’t expect there to be enough new inventory to meet demand."
While every market is different, most areas will continue to see moderate price growth. Some may level off a bit, but a major national drop? Not likely.
Time in the Market Beats Timing the Market
If you’re debating whether to buy now or wait, remember this: real estate rewards those who get in the market, not those who try to time it perfectly.
Yes, today’s housing market has its challenges, but there are ways to make it work —exploring different neighborhoods, considering smaller condos or townhomes, asking your lender about alternative financing, or tapping into down payment assistance programs. The key is making a move when it makes sense for you rather than waiting for a perfect scenario that may never arrive.
Want to take a look at what’s happening with prices in our local market? Whether you're ready to buy now or just exploring your options, having a plan in place can set you up for success.
It’s no secret that remote work has surged over the last few years. And that flexibility gave a lot of people the freedom to move — and work — from wherever they wanted.
But now, a growing number of companies are requiring employees to return to the office. And that’s leading some people to make decisions about where they live and if they need to move.
During the rise of remote work, a lot of employees took the opportunity to move away from expensive or crowded city centers. Some opted for suburban neighborhoods and larger homes with yards, while others relocated to more rural areas. But lately, more people are returning to the city.
And according to data from Bright MLS, more than half of workers surveyed would have to rethink where they live or deal with long drive times if their job enforced a return-to-office policy (see chart below):
And maybe you’re one of them. If you moved farther out of the city during the work-from-home era, you may be facing a longer commute that you never expected to make daily. Once you've done it a few times, you might find it’s something you can get used to and isn’t as bad as you may have thought.
But sometimes, it’s just too hard to make it work — no matter how much you try. A drive or train ride that seemed fine once or twice a week can feel like too much of a grind five days in a row. It may also cost too much to commute so often, take too long, or cut too far into your free time. As Lisa Sturtevant, Chief Economist at Bright MLS, notes:
“During the pandemic, when remote work became the norm, homebuyers were able to move farther out . . . But workers do not have the same flexibility that they used to, and some are going to have to make a tough choice if and when their employer calls them back into the office full-time.”
If you’re thinking you may want to move, don’t stress. Talking to an agent can help you weigh your options. Whether it’s finding a home closer to work, balancing commute time with affordability, or even selling a home in one area to buy in another, having a pro on your side makes the process easier.
If having to be back in-office has you considering a move, let’s connect. That way you have an agent to help you figure out what’s possible and what makes sense for you.
Where do you see yourself living if your commute or work routine needs to change?
More people are taking steps to buy a home. And, if you’ve been waiting for the right time to move, this may be the sign you’ve been looking for.
For the past few years, a lot of would-be homebuyers hit pause on their plans. With rising mortgage rates and affordability challenges, buying just didn’t seem doable. But now, more of them are getting back out there. That’s because they’re getting used to the fact that this may be the new normal for the market – especially as forecasts show mortgage rates may be starting to stabilize. According to the National Association of Realtors (NAR):
"Home buyers seem to be getting over the shock of mortgage rates in the mid- to upper-6% range."
And that’s good for you and your plans to sell. While there isn’t going to be a big rush of buyers flooding the market all at once, this does mean motivated buyers are re-starting their searches. And here’s the data to prove it.
3 Signs Buyers Are Ready To Make Their Move
1. Mortgage Applications Are on the Rise: According to the Mortgage Bankers Association (MBA), mortgage applications are up 37% since the start of the year. That’s a big jump and a clear sign more buyers are more active lately. Don’t miss out on that. Serious buyers who are getting their finances in order are great potential buyers for your house.
2. Buyer Demand Is Picking Up: The Homebuyer Demand Index from Redfin shows demand is up 3% since late January. While that’s not a huge spike, momentum is building.
3. More Home Showings: ShowingTime data says home showings are up 13% since the beginning of the year. This added foot traffic is exactly what you want to see if you’re about to sell your house. It signals more serious interest in buying. More buyers out there looking means more potential eyes on your house. And more eyes could translate to more offers.
And chances are, this activity is only going to pick up from here. We’re headed into the busiest season of the year for housing. Spring is when more people choose to buy or sell than any other time of year. So, now is a great time to list and get in on the action.
As buyers re-enter the market, you have the chance to do the same thing. And the increase in buyer activity is definitely something you’ll want to take advantage of. To make sure your house gets in front of these motivated buyers, let’s connect.
If the right buyer walked through your door tomorrow, would you be ready to sell?
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