Source: ICE Home Price Index, Freddie Mac PMMS, Census Bureau
* The National Payment-to-Income Ratio is the share of median income needed to make the monthly principal and interest payment on the purchase of the average-priced home using a 20% down 30-year fixed rate mortgage at the prevailing interest rate.
SHOULD BUYERS WATCH RATES?
After mortgage rates dropped to a 4-year low in February, recent geopolitical events have caused some movement. Rates are sensitive to market volatility, and they can shift from day to day. The good news is, rates remain well below the levels seen last spring — meaning stronger purchasing power for many buyers.
Bottom line: Don’t let headline noise detract from the bigger picture. With softer prices, more listings, and lower rates than last year, this spring remains a promising time for buyers.
Pre-qualified buyers will be better positioned to seize opportunities this spring.
CONTACT ME TO GET STARTED AT 305.310.0616
