If you have been thinking about buying a home in San Diego, this may be an ideal time to move on a property. According to the World Property Journal, Freddie Mac has published data in its Primary Mortgage Market Survey reporting that mortgage rates have held steady during early July.
The article quotes Freddie Mac’s chief economist, Sam Khater, as stating, “While rates have moderated, we’re still at nearly three-year lows, which is good news for buyers looking to purchase a home before school starts … On the housing front, the latest weekly purchase application data suggests homebuyer demand continues to rise, which is consistent with the slowly improving real estate data from the last two months.”
Freddie Mac published this chart to accompany the survey data:
The World Property Journal also recently reported that according to the June 2019 Builder Application Survey from the Mortgage Bankers Association, “U.S. mortgage applications for new home purchases increased 17.9 percent compared from a year ago.”
Despite this, there has actually been a slight decline in applications from May 2019. As Joel Kan, the Associate Vice President of Economic and Industry Forecasting at the Mortgage Bankers Association explained, “Ongoing concerns about economic growth and trade policy likely kept some potential buyers out of the market despite lower mortgage rates.”
So what are some key takeaways here?
- Mortgage rates on the whole have been affordable and steady. Since they are close to three-year lows, it makes sense to capitalize on those low rates while they are still here.
- Overall, demand from buyers is on the rise (year over year), but recently, it has taken a slight dip.
- That means that there are a lot of homebuyers you are competing with for hot properties. But with the recent slight decline in demand, that gives you the perfect window to move on a home you want before other homebuyers come in and make their offers.
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