If you’re thinking about buying, this is a good time to get pre-approved for a mortgage and start looking for a home. Freddie Mac just reported that the average 30-year fixed-rate mortgage rate has dropped to a 10-month low: https://freddiemac.gcs-web.com/news-releases/news-release-details/mortgage-rates-drop-0?_ga=2.180974254.841494150.1549539317-1232041933.1535712860. Mortgage rates are now similar to the rates in early 2018. And because there’s also more inventory now, buyers have more homes to choose from.
This means that the home of your dreams could now be easier to find and you get more for your dollar with the current interest rates than you would have gotten a few months ago. You also get more now than you’ll get when the rates go up again–and home prices are going up, as well. So waiting to buy will ultimately mean paying more and affording less, which is not the choice most people want to make.
If you have questions about the buying process or about the Portland-area real estate market, feel free to call or e-mail me. I’m here to help.