Great News For Home Owners In New York

Warmer weather means that more people will be out and about shopping for homes.

If you are in the market for a new home, there is some very good news for home buyers.

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For the third straight week, mortgage loan rates for a 30-year fix rate mortgage fell. According to Cnnbusinness.com, the interest rate for 30-year fix rate mortgages on March 30th was 6.32%. That is a drop of .10% from the week prior.

Overall, mortgage rates have fallen since the beginning of 2023. Mortgage Rates were at 7.08% at the end of November 2022 and the rates have been dropping since.

Home buyers face several issues when looking for a new home. The current mortgage rates are still much high than they were at the beginning of 2022. At the end of March in 2022 the rate for a 30-year fix rate mortgage was 4.67%.

Also, the amount of homes on the market has shrunk and prices for homes still remain high. Prices soared during the buying spree in 2020-21 and those home prices still have not dropped to pre-2020 numbers.

If you are looking for a home there is some other good news besides a drop in the mortgage rate. It seems there is less competition for homes in 2023. The number of people who are applying for loans and looking to buy a home has declined since 2022.

So while the inventory might not be as expansive as in 2021 or 2022, the competition for the homes on the market is less as well, you still have a great shot at finding your dream home.