Mortgage rates dropped for the second week in a row, marking the LARGEST decline since December 2008.
The 30-year fixed-rate mortgage averaged 5.30% in the week ending July 7, down from 5.70% the week before, according to Freddie Mac. Rates rose sharply at the start of the year, hitting a high of 5.81% in mid-June.
If this trend continues, we can expect to see rates hover around just under 5%. This means more buying power!
With the sharp increase over the last 6 months in interest rates for a mortgage, the real estate market is starting to ‘normalize’ and level off, which is great. That may mean more properties and inventory, more affordability and possibly some better pricing.
The mid to end of summer usually shows an increase in inventory and activity in the Chicago real estate market, so let’s get a jump on listing your property and looking for your next home.