{"id":1260,"date":"2024-01-18T15:22:09","date_gmt":"2024-01-18T15:22:09","guid":{"rendered":"https:\/\/johnsonteamrealestate.com\/?p=1260"},"modified":"2024-01-25T15:27:50","modified_gmt":"2024-01-25T15:27:50","slug":"2-reasons-why-todays-mortgage-rate-trend-is-good-for-sellers","status":"publish","type":"post","link":"https:\/\/johnsonteamrealestate.com\/index.php\/2024\/01\/18\/2-reasons-why-todays-mortgage-rate-trend-is-good-for-sellers\/","title":{"rendered":"2 Reasons Why Today\u2019s Mortgage Rate Trend Is Good for Sellers"},"content":{"rendered":"\n
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If you\u2019ve been holding off on selling your house to make a move<\/a> because you felt mortgage rates were too high, their recent downward trend is exciting news for you. Mortgage rates have descended since last October when they hit 7.79%. In fact, they\u2019ve been below 7%<\/a> for over a month now (see graph below<\/em>):<\/p>\n\n\n\n

\"\"\/<\/a><\/figure>\n\n\n\n

And while they\u2019re not going back to the 3% we saw during the \u2018unicorn\u2019 years<\/a>, they are expected to continue to go down<\/a> from where they are now in the near future. As Dean Baker, Senior Economist at the Center for Economic Research<\/em>, explains<\/a>:<\/p>\n\n\n\n

\n

\u201cIt also appears that mortgage rates are now falling again. They will almost certainly not fall to pandemic lows, <\/em>although we may soon see rates under 6.0 percent<\/em><\/strong>, which would be low by pre-Great Recession standards.\u201d<\/em><\/p>\n<\/blockquote>\n\n\n\n

Here are two reasons why this recent trend, and the expectation<\/a> it\u2019ll continue, is such good news<\/a> for you.<\/p>\n\n\n\n

You May Not Feel as Locked-In to Your Current Mortgage Rate<\/strong><\/h4>\n\n\n\n

With mortgage rates already significantly lower than they were just a few months ago, you may feel less locked-in to the current mortgage rate you have on your house. When mortgage rates were higher, moving<\/a> to a new home meant possibly trading in a low rate for one up near 8%.<\/p>\n\n\n\n

However, with rates dropping, the difference between your current mortgage rate and the new rate you\u2019d be taking on isn\u2019t as big as it was. That makes moving<\/a> more affordable than it was just a few months ago. As Lance Lambert, Founder of ResiClub<\/em>, explains<\/a>:<\/p>\n\n\n\n

\n

\u201c<\/em>We might be at peak \u201clock-in effect.\u201d<\/em><\/strong> Some move-up or lifestyle sellers might be coming to terms with the fact 3% and 4% mortgage rates aren\u2019t returning anytime soon.\u201d<\/em><\/p>\n<\/blockquote>\n\n\n\n

More Buyers Will Be Coming to the Market<\/strong><\/h4>\n\n\n\n

According to data<\/a> from Bright MLS<\/em>, the top reason buyers have been waiting to take the plunge into homeownership is high mortgage rates (see graph below<\/em>):<\/p>\n\n\n\n

\"\"\/<\/a><\/figure>\n\n\n\n

Lower mortgage rates mean buyers can potentially save money on their home loans, making the prospect of purchasing a home more attractive and affordable. Now that rates are easing, more buyers are likely to feel they\u2019re ready to jump back into the market and make their move. And more buyers mean more demand for your house.<\/p>\n\n\n\n

Bottom Line<\/h3>\n\n\n\n

If you\u2019ve been waiting to sell because you didn\u2019t want to take on a larger mortgage rate or you thought buyers weren\u2019t out there, the recent decline in mortgage rates may be your sign it\u2019s time to move. When you\u2019re ready,\u00a0let\u2019s connect<\/a>. Contact Johnson Team Real Estate at 360.303.2734 or email Info@JohnsonTeamRealEstate.com.<\/p>\n","protected":false},"excerpt":{"rendered":"

If you\u2019ve been holding off on selling your house to make a move because you felt mortgage rates were too high, their recent downward trend is exciting news for you. Mortgage rates have descended since last October when they hit 7.79%. In fact, they\u2019ve been below 7% for over a month now (see graph below): And while they\u2019re not […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-1260","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-uncategorized","7":"entry"},"featured_image_src":null,"featured_image_src_square":null,"author_info":{"display_name":"fawn","author_link":"https:\/\/johnsonteamrealestate.com\/index.php\/author\/fawn\/"},"_links":{"self":[{"href":"https:\/\/johnsonteamrealestate.com\/index.php\/wp-json\/wp\/v2\/posts\/1260","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/johnsonteamrealestate.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/johnsonteamrealestate.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/johnsonteamrealestate.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/johnsonteamrealestate.com\/index.php\/wp-json\/wp\/v2\/comments?post=1260"}],"version-history":[{"count":1,"href":"https:\/\/johnsonteamrealestate.com\/index.php\/wp-json\/wp\/v2\/posts\/1260\/revisions"}],"predecessor-version":[{"id":1261,"href":"https:\/\/johnsonteamrealestate.com\/index.php\/wp-json\/wp\/v2\/posts\/1260\/revisions\/1261"}],"wp:attachment":[{"href":"https:\/\/johnsonteamrealestate.com\/index.php\/wp-json\/wp\/v2\/media?parent=1260"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/johnsonteamrealestate.com\/index.php\/wp-json\/wp\/v2\/categories?post=1260"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/johnsonteamrealestate.com\/index.php\/wp-json\/wp\/v2\/tags?post=1260"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}