Mortgage rates have been elevated as of late. Driven by the Federal Reserve's attempts to curb inflation with federal funds rate hikes, the average 30-year mortgage rate peaked at 7.79% on October 26, 2023, according to the Federal Reserve Bank of St. Louis. And, while mortgage rates have seen quite a bit of movement since, they seem to be cooling. In fact, the current average 30-year mortgage rate is at a 2-month low. And, that could be a signal that now is the time to buy a new home.
This means buying now could result in 'more choices and potentially better negotiating power.''Inventory for homes is increasing, which has led to them staying on the market longer and, in turn, market prices are decreasing,' says Thompson in agreement with Ross. Further potential negotiation leverageThe average homeowner in the United States has more than $200,000 in tappable home equity. And, that high equity average may mean that now is the time to buy.
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