On July 31st the Federal Reserve lowered interest rates for the first time since 2008. Interest rates, which affect the cost of borrowing for mortgages and credit cards, are now set to hover between 2% and 2.25%.
When I checked in with one of my loan officers this morning she quoted me a rate of 3.375 for a conventional loan and 3.625 for a FHA loan.
So what does this mean for our local housing market you may ask?
It is a great time to buy.
And Land purchases and financing will be cheaper for homebuilders. And an increase in building will lead to the increase in the overall supply of homes.
We are seeing a slow down in the increase in home prices as they have risen faster than income levels.
Homebuilders also claim that mounting labor and supply costs have made it difficult to build single-family homes at affordable prices.
Yet , as I say every month it is a great time to sell. The demand is high because of the housing shortage. If you are thinking about selling in the future come out to our next home selling seminar at the Warwick Twp at 6:30pm on August 21st. We will review many important changes in the market as well as innovative marketing methods designed to net you the most with the least hassle.
For buyers rates have remained low! If you are thinking about purchasing in the future it does not hurt to start exploring your options now. It is important to educate yourself to the process. Come out to our next home buying seminar at the Warwick Twp at 6:30pm on August 22nd. We will review the different types of loans, the purchase process and tips on how to save the most.
If you are thinking about making a move contact me today at 215-757-7257 or TheSwainTeam@gmail.com .