Mortgage rates have fallen to their lowest since mid-March 2024, with 30-year fixed rates at 6.77%. Shawn Grzebin, head of consumer lending at Chase Home Lending, appears on Wealth! to discuss the current state of the U.S. housing market, with buyers who have been on the sidelines now stepping up to buy.
Grevin said buyers tend to focus more on mortgage interest rates and less on the fees and costs associated with the interest rate and the cost of buying a home. With mortgage rates still relatively high, Grevin encourages buyers to shop around with mortgage lenders to find the best deal for them.
But He believes the housing market is beginning to calm down somewhat: “Interest rates have been high for a while, but now they're starting to ease up a little bit. Customers are feeling more comfortable putting their money on the market, and we're actually seeing more inventory than we've seen in years.”
He added, “For the first time in a long time, home prices are coming down. There is also less price competition for individual homes. However, it depends on where you live and how competitive the individual environment is there. But generally speaking, prices are still rising, but the rate of increase is starting to slow, which I think is an advantage for prospective home buyers.”
Grzevin encourages buyers to speak to their bank's mortgage adviser to get expert advice and put themselves in the best position to ensure a successful buying process.
For more expert insights and the latest market trends, click here to watch this full episode of Wealth.
This post was written by Melanie Leal
