3 homebuying advantages to consider this June
Summary
Mortgage interest rates have slightly decreased in early June, offering some buyers better chances to get home loans under 6%. Lower buyer competition, potential for price negotiations, and favorable seasonal timing make this a good month to consider buying a home despite higher rates than in recent years.Key Facts
- Mortgage rates dropped from 6.62% in late May to about 6.49% in early June.
- Rates around 6% are similar to levels seen in past decades.
- Fewer buyers in the market now means less competition and fewer bidding wars.
- Sellers may be more willing to lower prices because of reduced buyer interest.
- Homes listed for longer periods may have better price reductions.
- It's easier to visit and inspect homes in good summer weather.
- Buying now could allow families to move before the next school year starts.
- Buyers with good credit can sometimes find mortgage rates below 6% by shopping around.
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