I hope your week is going well. With the peak home-buying season and summer in full swing, there is certainly a lot to keep track of these days. I’ve been digging into the latest economic reports and industry data, and I wanted to share a few key insights to help you navigate the current landscape with confidence.
Market Moves and More Buyer Options
Lately, mortgage rates have been doing a bit of a balancing act. While geopolitical tensions and volatile energy prices have caused some minor daily ripples, the broader trend is encouraging. Average rates actually edged downward recently compared to both last week and this time last year.
This slight easing, combined with steady income growth, is bringing some welcome relief to housing affordability. In fact, closed home sales recently hit their highest level since late 2022, as buyers stepped in to capitalize on recent windows of opportunity. Even better news if you are currently shopping: inventory is improving. Active listings have reached their highest levels since 2020, giving buyers much more selection and breathing room.
The Power of Advocacy: Don’t Leave Money on the Table
A fascinating new study from LendingTree caught my eye this week, and as someone who cares deeply about your financial well-being, I knew I had to pass it along. The data revealed that nearly half of all mortgage borrowers never attempt to negotiate their loan terms, potentially leaving tens of thousands of dollars on the table over the life of their loan.
Interestingly, the study noted that older generations and women are statistically the least likely to negotiate. I would love to help change that statistic, which is why I’m a broker and always advocate for the best rates possible for you. For borrowers who do speak up (or those who work with a broker, like me), over 90% successfully lower their monthly payments, and many significantly reduce their upfront closing costs. Amazing, right?
Three Tips for Financial Success
Whether you are looking to buy soon or simply planning for the future, LendingTree recommends keeping these tips in mind:
• Get multiple quotes: Gathering at least three quotes gives you a true feel for the market.
• Look beyond the interest rate: Lender fees and closing costs are often the easiest items to negotiate.
• Work with a broker: Having access to multiple financing choices rather than a single loan option gives you immediate leverage.
I am always here to look over quotes or explore options with you, completely obligation-free. You’re always welcome to reach me by simply replying to this email, or call/text me at 818.307.6072.
Have a wonderful rest of your week!
