The average 30-year mortgage rate drops again, continuing a trend that started less than a month ago. Week by week, the percentage has decreased, from 4.09% to 4.04% and now 3.98%.
Meanwhile, there have also been steady increases in the number of home sales over the past year. More sales plus an influx of home buyers means real estate price tags are getting bigger, which is something we particularly saw in May.
Surprisingly, while lowered mortgage rates give incentive to home buyers, the recent decreasing rates have not seemed to contribute to increased home sales. As more buyers have entered the market, the supply of homes has started to become more limited.
What does this mean for Sanibel real estate? For sellers, the good news is there’s a growing population of buyers in a market that is not yet saturated or flooded with available homes, and for buyers, lowered mortgage rates make deals sweeter.
Interested in buying or selling Sanibel real estate? Contact us, search our MLS for available properties, or get in touch with one of our Sanibel realtors.
To read more about this, see the article on floridarealtors.com.
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Related articles:
Incentive for Homebuyers as Long-term Mortgage Rates Fall
U.S. Home Sales Reach Highest Pace in Eight Years
