{"id":3778,"date":"2017-04-24T00:00:00","date_gmt":"2017-04-24T00:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/will-lower-rates-create-buyer-frenzy\/"},"modified":"2017-04-24T00:00:00","modified_gmt":"2017-04-24T00:00:00","slug":"will-lower-rates-create-buyer-frenzy","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/will-lower-rates-create-buyer-frenzy\/","title":{"rendered":"Will Lower Rates Create Buyer Frenzy?"},"content":{"rendered":"

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Mortgage<\/a> rates have dropped below 4 percent for the first time since November, and home buyers likely will want to take advantage of the lower borrowing costs. The average 30-year fixed-rate mortgage fell to 3.97 percent for the week ending April 20, according to Freddie Mac’s weekly mortgage market survey. “We are in the spring, and people are out looking to buy homes,” says Len Kiefer, deputy chief economist at Freddie Mac. “These low rates are really going to help out with affordability.”<\/p>\n

A drop in mortgage rates reduces monthly mortgage payments, which also can help buyers purchase pricier homes that they may not have been able to afford prior. But about a one-third percentage point drop in mortgage rates could be relatively modest in many areas of the country. For example, the monthly mortgage payment for a home at the median price of $236,400 (with a 20 percent down payment) would be about $40 less today than a month ago, The Wall Street Journal<\/em> reports.<\/p>\n

However, in higher-cost markets such as California, the lower mortgage rates could make a bigger difference. The drop in the monthly mortgage payment would be equivalent to about $90 in monthly savings for a home buyer purchasing a home for $600,000. Further, the size of the mortgage that a buyer could qualify for could increase by about $25,000, according to Black Knight Financial Services.<\/p>\n

Source: \u201cCheaper Mortgages Could Spur Housing<\/a> Market,\u201d The Wall Street Journal (April 23, 2017) [Log-in required.]<\/em><\/p>\n<\/div>\n<\/div>\n

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Mortgage rates have dropped below 4 percent for the first time since November, and home buyers … Will Lower Rates Create Buyer Frenzy?<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":3779,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[4],"tags":[1403,15239,625,1330,12908,543,127,3833,408,1295,41,818],"class_list":["post-3778","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-buy","tag-chase","tag-down-payment","tag-financial","tag-home","tag-home-buying-guide","tag-homes","tag-housing-market","tag-mortgage","tag-mortgage-rate","tag-property","tag-real"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/04\/QrVpnMPcVDE","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":3708,"url":"https:\/\/amazingproperty.com.ng\/blog\/mortgage-rates-drop-below-4\/","url_meta":{"origin":3778,"position":0},"title":"Mortgage Rates Drop Below 4%","author":"Amazing Property","date":"April 21, 2017","format":false,"excerpt":"The 30-year fixed-rate mortgage has fallen to its lowest average since November 2016, Freddie Mac reports in its weekly mortgage market survey. \u201cThe 30-year mortgage rate fell 11 basis points this week to 3.97 percent, dropping below the psychologically-important 4 percent level for the first time since November,\u201d says Sean\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6013,"url":"https:\/\/amazingproperty.com.ng\/blog\/are-supply-woes-causing-loan-demand-drop\/","url_meta":{"origin":3778,"position":1},"title":"Are Supply Woes Causing Loan Demand Drop?","author":"Amazing Property","date":"August 30, 2017","format":false,"excerpt":"The number of mortgage applications for home purchases continues to underwhelm, despite rates being at their lowest levels since November. Mortgage applications for purchasing a home dropped 3 percent last week on a seasonally adjusted basis. The annual gain\u00a0in purchase applications remains\u00a0positive (4 percent higher than a year ago), but\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"mortgage_Activity_083017.png","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/08\/mortgage_Activity_083017.png?fit=600%2C315&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/08\/mortgage_Activity_083017.png?fit=600%2C315&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/08\/mortgage_Activity_083017.png?fit=600%2C315&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":8269,"url":"https:\/\/amazingproperty.com.ng\/blog\/5-mortgage-rates-arent-scaring-buyers\/","url_meta":{"origin":3778,"position":2},"title":"5% Mortgage Rates Aren\u2019t Scaring Buyers","author":"Amazing Property","date":"February 13, 2018","format":false,"excerpt":"Mortgage rates are inching higher, and most home buyers seem unfazed by it. Only 6 percent of prospective home buyers recently surveyed said they would stop their home search if mortgage rates rose above 5 percent, according to a new survey released by the real estate brokerage Redfin of more\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"Redfin Mortgage Rates.png","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/02\/Redfin_mortgage-rates.png?fit=844%2C585&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/02\/Redfin_mortgage-rates.png?fit=844%2C585&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/02\/Redfin_mortgage-rates.png?fit=844%2C585&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/02\/Redfin_mortgage-rates.png?fit=844%2C585&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":4891,"url":"https:\/\/amazingproperty.com.ng\/blog\/mortgage-rates-are-still-dropping\/","url_meta":{"origin":3778,"position":3},"title":"Mortgage Rates Are Still Dropping","author":"Amazing Property","date":"June 8, 2017","format":false,"excerpt":"[ad_1] Home buyers may want to rush to lock in: The 30-year mortgage rate hit its lowest level in nearly seven months this week, Freddie Mac reports. \"The 10-year Treasury yield fell 3 basis points this week,\u201d said Sean Becketti, Freddie Mac\u2019s chief economist. \u201cThe 30-year mortgage rate moved in\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/06\/rates060817.png?fit=620%2C252&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/06\/rates060817.png?fit=620%2C252&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/06\/rates060817.png?fit=620%2C252&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":2807,"url":"https:\/\/amazingproperty.com.ng\/blog\/mortgage-rates-got-cheaper-this-week\/","url_meta":{"origin":3778,"position":4},"title":"Mortgage Rates Got Cheaper This Week","author":"Amazing Property","date":"March 31, 2017","format":false,"excerpt":"For the second consecutive week, average mortgage rates fell, lowering the borrowing costs of buyers. \"The 10-year Treasury yield remained relatively flat this week,\u201d says Sean Becketti, Freddie Mac\u2019s chief economist. \u201cThe 30-year mortgage rate fell 9 basis points to 4.14 percent, another significant week-over-week decline.\u201d Freddie Mac reports the\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":8978,"url":"https:\/\/amazingproperty.com.ng\/blog\/why-you-shouldnt-put-a-home-search-on-hold-in-december\/","url_meta":{"origin":3778,"position":5},"title":"Why You Shouldn\u2019t Put a Home Search on Hold in December","author":"Amazing Property","date":"December 12, 2018","format":false,"excerpt":"December is typically the slowest month in the housing market, but it can be a great month for home buyers who have been sidelined to finally make their move. This month may be busier than previous December\u2019s for that reason, too, economists say. Some buyers may be looking to take\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"1812 Homesearch 1300.jpg","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/12\/1812-homesearch-1300.jpg?fit=586%2C330&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/12\/1812-homesearch-1300.jpg?fit=586%2C330&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/12\/1812-homesearch-1300.jpg?fit=586%2C330&ssl=1&resize=525%2C300 1.5x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/3778","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/comments?post=3778"}],"version-history":[{"count":0,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/3778\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media\/3779"}],"wp:attachment":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media?parent=3778"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/categories?post=3778"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/tags?post=3778"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}