Everyone loves the thrill of finding the best deal, whether it's on a pair of shoes, an appliance, or even a car! Why then do so many home buyers fail to shop around when it comes to the most expensive item of all: a mortgage? Last April, Freddie Mac estimated how much extra money buyers are likely to pay over the course of their loan by failing to get multiple rate quotes, and the number wasn't cheap! In fact, they found that getting just one extra quote would save the average borrower over $1,400!
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Mortgage rates fell once again this week, making this their sixth straight week of decline and their lowest point since September 2017. This is good news for prospective home buyers, as the drop in rates has generated a corresponding increase in home affordability across the country. It also means that millions of current home owners stand to save thousands of dollars by refinancing their mortgages!
Although the summer months are the traditional time when most house hunters are out looking for their new home, savvy buyers should consider continuing or beginning their search in the fall. In fact, there are several factors which combine to make fall the optimal time for home buying. This largely comes down to less buyer competition; you are essentially zigging when most people zag, giving you the advantage over sellers as demand falls after summer. Keep reading to learn why fall might be the best season for home buying!
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