It's time for home buyers to get off the proverbial fence.
According to the Weekly Primary Mortgage Market Survey® for the week of June 13, the 30-YR FRM reached 3.98%. That's the highest 30-yr weekly average of 2013, up front a record low of 3.31% in November of last year. The new weekly averages are rates we haven't seen since late 2011, and it doesn't look like they are going to be returning to this year's record lows. If you've continued to sit back and wait for the market to drop back into the sub 3.5% range, you may have already missed out.
Credit score requirements are starting to ease, allowing more borrowers the opportunity to jump back into the market. Home price gains have reached record highs, as are pending home sales. So, while credit is more available, and rates still at very low levels, home sales are becoming more and more competitive. If you're sitting on the sidelines, you may be left out all together. By continuing to wait, you'll find both rates and home prices to be higher.
For many, it's credit issues. For those with good, but not great, credit scores, there is the issue of time. The time necessary to get small credit issues resolved. If so, speak with a licensed mortgage professional, and develop a game plan. While you're working that game plan, have a real estate professional prepared to help you when the time is right. Give them the opportunity to know your wants and needs in advance, so as to allow them to be proactive in finding you the right property.
So, get off that proverbial fence and speak with a licensed mortgage and real estate professional today.