Mortgage rates lowest since September 2022
SIOUX FALLS, S.D. (Dakota News Now) -With mortgage rates the lowest they have been since September of 2022, now might be the perfect time to buy that home.
Many factors contribute to home sales, whether that be inflation or the general market.
This dip in rates provides cushion for many who have been looking to purchase a home but put it off due to higher rates.
Dawn Brown is a mortgage banker and says many people have put buying on pause due to the inconsistency of rates in previous months with inflation having a large impact.
“I think what happened is they just went up too fast and it chocked people and now we’re seeing them level out and become mor normal and hopefully that brings people back to the market because they are good rates right now,” said Dawn Brown, Mortgage banker.
Tyler Goff, is a realtor in Sioux Falls and says many buyers have already taken action with rates looking more consistent.
“We have seen after the beginning of the year even with all the snow and crazy weather we’ve had, we have seen an uptick in buyer activity and really more sellers entering the market too so that has been good for our market,” said Tyler Goff, realtor.
This was actually the case for Logan Landon who purchased a home recently. He says the lower rates gave him more security when looking for homes.
“With inflation being as high as it is to see an ease on that from everything from groceries to gas, to home buying. Seeing that ease up a little bit definitely puts an ease on your conscious a little bit knowing that you’re not going to buy a house and the rates are going to keep rising and rising and everything’s going to go up. Then you have to reevaluate your budget and all that kind of stuff so the rates being where they are and inflation starting to ease up definitely helped in that process,” said Logan Landon, Homebuyer.
They all agree that those looking to buy a home should start the process and be ready with the lower rates.
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