Mortgage rates have fallen to the lowest level since mid-March 2024, with the 30-year fixed rate hitting 6.77%. Chase Home Lending head of consumer originations Sean Grzebin joins Wealth! to discuss the current state of the US housing market as buyers who were sitting on the sidelines are now more willing to buy.
Grzebin says that buyers often focus more on the interest rate of their mortgage rather than the associated fees with interest rates and the cost of buying the home. He encourages buyers to shop around with mortgage lenders to find the best deal available to them, especially as mortgage rates are still relatively high.
However, hee believes the housing market is getting some relief: "Now that rates have been high for some period of time, we’re starting to see a little easing. I think customers are becoming more comfortable listing and we’re actually seeing inventories grow for the first time in several years."
He continues, "We’re seeing price reductions for the first time in a while. We’re seeing less of those price wars on individual homes. But it is different based on where you live and the competitiveness of the individual environment there. But I think generally speaking, we’re seeing prices, they’re still growing, but starting to grow at a slower rate, which again, I think is advantageous for future home buyers."
Grzebin encourages buyers to speak with their bank’s home lending advisor and get expert advice to best set themselves up for success in the buying process.
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