Rates Drop Again! Where Are You?
Well, for the week just ended, the average thirty year mortgage fixed rate, the bellwether of the market, just dropped again. The drop, as in the past few weeks' drops, was not huge, but it was a drop and is now at 4.625%. This is a drop of just over five basis points (there are 100 basis points for each individual percent of interest). The number of listings coming to market is climbing and, overall, in Marin County, total sales from a year ago in the same month have again risen. However, for the county as a whole, the median price dropped a little bit. But the drop didn't show up across all towns and/or price levels in the county, just as an average. There actually were some increases in price at some value levels and/or in some locales.
I know you've heard it all before. "What does this mean for me?", you likely asking. Well, it means that if you're a buyer, you can still afford more of a home than you could have when rates were higher. Also, with prices where they, for the most part are, it will cost you less on actual purchase price. If you are selling, or thinking about it, it still means that your home is both more affordable to buyers and definitely more attractive to them, not to mention to their lender.
Questions about this or any other aspect of the market? Call us: Peter is: (415) 380-2133, and Jane can be found at: (415) 279-6466.