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This is a strong beginning to the new year!

Market Update: Mortgage rates fall to a three-and-a-half year low
The average thirty-year mortgage rate nearly broke 6% last week according to the Freddie Mac Primary Mortgage Market Survey, the lowest weekly rate reported since September 2022.

For an Indiana buyer putting a 10% down payment on a $260,000 property, this means roughly $120 a month in savings compared to the mortgage payment on the same home purchased last February, when rates were about 85 basis points higher – a significant improvement in affordability.

Progress on rates, wage growth and slowing price appreciation will also likely bring the median house payment down to roughly 32% of household income, barely above the traditional 30% affordability threshold for a typical family. (Nationally, this measure has been above 40% since early 2023.)

Realtors:
How long do you leave a property at a list price, before discussing a price reduction with your client(s)?

Listen to the market. List it right. Property sells itself.

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