(WHTM) — Mortgage rates continue to rise and home prices are still high. How could this benefit buyers?
The housing market is finally slowing down as a result of record high prices and climbing mortgage rates. Sara and Clay Conner have been trying to find a home, but it hasn’t been easy. “We’d put in an offer, and we got outbid, that was really disheartening. It was definitely a frustrating experience as a buyer,” said Sara Conner.
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This was all before the mortgage rates jumped. “It was a little bit alarming when rates went from three to four,” Conner added. Rates have soared to four and five percent, sometimes as high as six percent, adding hundreds of dollars onto monthly mortgage payments.
Realtors say once mortgage rates his five percent in 2022, buyers began to drop out of the market. The silver lining is that those who remained in the market for buying a home now have a lot more opportunities.
“It is giving people a little bit more of a chance to get out there and get more of a selection,” said Realtor Susan Huff. Many homes aren’t getting multiple offers on the first day anymore according to Huff.
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You can’t control mortgage rates, but there are some factors you can control to help you in the process of getting a mortgage. Saving for a larger down payment, working to raise your credit score to get a lower rate, and comparing lenders online for the lowest rate are all well within your control.
If it finally means homes won’t get multiple bids within a couple of hours, that would be good.