Mortgage Rates are Falling. Now’s the Perfect Time to Buy

Mortgage rates have hit their lowest point since September, and now is the perfect time for prospective home buyers to act, according to Lawyers Title of Kansas, Inc., a title insurance and real estate closing company. 

The 30-year fixed mortgage rate declined to 6.33% last week after peaking in November, marking the fourth straight week that rates have declined. Last week's drop also marks the fourth fastest in three decades, a promising trend bolstered by cooling inflation and the Federal Reserve potentially slowing its interest rate hikes. Chris St. John, President of Lawyers Title of Kansas, Inc., wants prospective buyers to know that now is the time to act.

“The mortgage rate should never be the deciding factor in whether or not to buy a home,” said St. John. “After all, buyers always have the option of keeping an eye on the market and refinancing later. However, with rates retreating and inventory stabilizing, today’s home buyers can enter the market from a position of strength.”

Along with the drop in rates, another promising factor in buyers’ favor is that there is now less competition in the market. Sellers have noticed and are adjusting their prices accordingly. With less competition, prospective buyers face fewer bidding wars and enjoy stronger negotiating power. While St. John understands some might be skittish about affordability, he wants future homeowners to know that there are plenty of options to save money.

“A lot of buyers aren’t always aware that there are many additional ways you can lower your rate,” St. John added. “From negotiating mortgage points with your lender or considering alternate loan types to taking a few steps to improve your credit score as much as possible, these are all ways to shave more off your monthly payment. Our team can help connect you with local real estate professionals to get started and provide expertise to ensure you’re taking advantage of every possible resource.”